Indonesia’s Economic Growth in Q3-2024 was 1.50 Percent (Q-to-Q)

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Release Date	:	November 5, 2024
File Size	:	2.34 MB

Abstract

Indonesia’s economy in the third quarter of 2024 reached IDR5,638.9 trillion at current prices and IDR3,279.6 trillion at constant prices (2010).
Indonesia’s economy in the third quarter of 2024 grew by 1.50 percent compared to the previous quarter (q-to-q). On the production side, Construction experienced the highest growth at 6.06 percent. Meanwhile, on the expenditure side, Gross Fixed Capital Formation (GFCF) component experienced the highest growth at 8.44 percent.
Indonesia’s economy grew by 4.95 percent in the third quarter of 2024, compared to the third quarter in 2023 (y-on-y). On the production side, Other Services Activities experienced the highest growth at 9.95 percent. Meanwhile, on the expenditure side, Non-Profit Institutions Serving Households Final Consumption Expenditure (NPISHs FCE) component experienced the highest growth at 11.69 percent.
Cumulatively, the Indonesia’s economy grew by 5.03 percent up to the third quarter of 2024 (c-to-c). On the production side, Accommodation and Food Service Activities experienced the highest growth at 9.29 percent. Meanwhile, on the expenditure side, NPISHs FCE experienced the highest growth at 15.10 percent.
Spatially, the Indonesian economy in the third quarter of 2024, compared to the same period last year, recorded stable growth (y-on-y). The group of provinces in Jawa Island was still the largest contributor to the economy with a role of 56.84 percent of national GDP and recorded growth of 4.92 percent (y-on-y).

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