There is Eid, Indef Projects Economic Growth in the Second Quarter of 2023 to Reach 5.2 Percent

President Joko Widodo distributed clothes to residents while visiting the Tanah Abang Market in Jakarta, Thursday (4/5/2023). The visit was to review trading activities at Tanah Abang Market after the Idul Fitri 1444 Hijriah holiday., JAKARTA — The Institute for Development of Economics and Finance (Indef) projects that national economic growth in the second quarter of 2023 can reach 5.2 percent. The main support for the pace of economic growth is mainly the moment of Eid al-Fitr 1444 which falls at the end of April 2023.

Deputy Director of Indef, Eko Listiyanto, said that the quarterly growth rate in the second quarter of this year is projected to grow to 3.9 percent. This projection is up from the realization in the second quarter of 2023 of 3.73 percent or the second quarter of 2021 which was only 3.3 percent.

Eko said, although quarterly growth has not matched the pre-Covid-19 period which exceeded four percent, at least the trend of economic recovery continues to improve and shows acceleration.

“If that figure is reached, then we can convey the possibility of economic growth in the second quarter growing by 5.2 percent,” said Eko in a virtual public discussion held by Indef, Friday (5/5/2023).

He even believes the peak of economic growth in 2023 will occur in the second quarter. None other than, mainly because most of the months of Ramadan and Eid which are the peak of economic activity fall in April. The momentum of economic activity during Idul Fitri is also the moment that is eagerly awaited to increase the circulation of money in Indonesia.

Indeed, there were other moments that also became the peak of economic activity. However, Lebaran is still considered the highest.

“We project that the second quarter of 2023 will be the peak of economic growth because I can’t see another momentum that is bigger than Idul Fitri which is an economic stimulant,” he said.

Previously, the Central Statistics Agency (BPS) on Friday (5/5/2023) morning reported that Indonesia’s economy grew by 5.03 percent on an annual basis or year on year (yoy) in the first quarter of 2023. Deputy for Balance Sheets and Statistical Analysis at BPS Edy Mahmud , revealed that gross domestic product (GDP) at constant prices (ADHK) in the first quarter of this year was recorded at IDR 2,961.2 trillion, while GDP at current prices (ADHB) was IDR 5,071.7 trillion.


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