The stalls of typical Bandung food vendors are crowded with visitors at Kosambi Market, Bandung City, Saturday (8/4/2023). The Ministry of Finance (Ministry of Finance) sees economic growth in the second quarter of 2023 will be better than the realization in the first quarter of 2023
Armfalcon.com, JAKARTA — The Ministry of Finance (Ministry of Finance) sees economic growth in the second quarter of 2023 will be better than the realization in the first quarter of 2023 which was 5.03 percent on an annual basis (year on year/ yoy). This is influenced by the moments of Ramadan and Eid al-Fitr.
“Thus, the direction will be stronger towards the end of the year,” said the Head of the Ministry of Finance’s Fiscal Policy Agency, Febrio Kacaribu, at the May 2023 Macroeconomic Update event which was monitored online in Jakarta, Monday (8/5/2023).
Therefore, he said the trend of household consumption in the second quarter of 2023 would be quite different compared to the previous quarter.
In the second quarter of this year, public consumption was dominated by activities during the months of Ramadan and Eid al-Fitr, mainly due to long vacations so that many people enjoy holidays and shopping in various regions. Therefore, this trend is a very good factor so that economic growth, especially from the consumption side, will look more evenly distributed throughout Indonesia in the second quarter of 2023.
In addition, continued Febrio, the government is also intervening to boost consumption during Ramadan and Eid, such as providing holiday allowances (THR) and sharpening social assistance (bansos).
“We hope this step will be a pretty strong driver in the second quarter,” he said.
On the same occasion, Bank Mandiri Chief Economist Andry Asmoro revealed that there are many factors that will drive economic growth in the second quarter of 2023 to be better.
The factors referred to are the continued acceleration of government spending, seasonal effects where there is an impact from the Ramadan and Eid moments in April and May where there are homecoming activities that affect many economic sectors, as well as good export performance.
“With these various factors, we see that so far economic growth can still be above 5 percent (yoy) in the second quarter of this year,” said Andry. Overall, Andry estimates that the Indonesian economy will grow by 5.04 percent (yoy).
source : Between