Indonesia’s GDP Growth Rate in Q4-2023 was 5.04 percent (y-on-y)

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Release Date	:	February 5, 2024
File Size	:	2.01 MB

Abstract

Indonesia’s economy in 2023, as measured by Gross Domestic Product (GDP) at current market prices, reached IDR20,892.4 trillion, and GDP per capita reached IDR75.0 million or US$4,919.7.
Indonesia’s economy in 2023 grew by 5.05 percent, lower than the achievement in 2022, which grew by 5.31 percent. The highest growth on the production side was Transportation and Storage at 13.96 percent. Meanwhile, on the expenditure side, Nonprofit Institutions Serving Households’ Final Consumption Expenditure (NPISHs FCE) experienced the highest growth at 9.83 percent.
Indonesia’s economic growth increased by 5.04 percent (y-on-y) in the fourth quarter of 2023, compared to the fourth quarter of 2022. The highest growth on the production side was Transportation and Storage at 10.33 percent. Meanwhile, on the expenditure side, NPISHs FCE component experienced the highest growth at 18.11 percent.
Indonesia’s economy in the fourth quarter of 2023 grew by 0.45 percent (q-to-q), compared to the previous quarter. Public Administration and Defence; Compulsory Social Security experienced the highest growth at 19.81 percent, on the production side. Meanwhile, on the expenditure side, General Government Final Consumption Expenditure (GGFCE) component experienced the highest growth at 39.13 percent.
During 2023, the Indonesian economy continued to grow spatially. The group of provinces according to the islands, the provinces with the highest growth were Maluku and Papua, Sulawesi, and Kalimantan with growth (c-to-c) of 6.94 percent, 6.37 percent and 5.43 percent. Meanwhile, the group of provinces on Jawa Island which contributed 57.05 percent to the national economy recorded a growth of 4.96 percent (c-to-c).

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