Indonesian Economy Grows 5.11%, Top 5 in G20


Indonesia’s economy is doing well. It grew at a healthy 5.11% in the first quarter of 2024, compared to the same period last year. 

The assessment of a number of international rating agencies also provides a positive assessment that Indonesia’s economic resilience is still maintained and is also supported by stable economic growth.

This puts Indonesia among the top 5 performers in the G20 group of major economies and better than many developed countries.

“Which country can grow 5.11% and experience low inflation? We are in the top 5 of the G20 countries, even compared to OECD countries we are at the top. Trade over the last few months has been positive, and we must be optimistic about Indonesia’s manufacturing industry and supply chain sectors are also optimistic and have very large exports,” said Coordinating Minister for Economic Affairs, Airlangga Hartarto, at the Indonesia Stock Exchange, Jakarta, Tuesday (9/7/2024) as quoted from the official statement.  

The real sector also continues to show good economic prospects. The Indonesian Manufacturing’s Purchasing Managers’ Index figure remained at an expansive level for 34 consecutive months. 

The progress was followed by the Consumer Confidence Index which remained strong and the Real Sales Index which continued to grow. This shows that Indonesia’s industrial activities and consumption are still in good condition.

“We should also be grateful because in the first quarter of 2024, the processing industry will still grow steadily at 4.13% due to strong domestic and foreign demand,” the Coordinating Minister explained.  

Minister Airlangga added that the food and beverage industry subsector grew by 5.87% and recorded exports worth USD9.18 billion. The contribution of this sector in the first quarter of 2024 is 39.91% of non-oil and gas industry GDP, and 6.97% of national GDP. 

The Minister also said that the market (capital) does not need to worry because the transition process (to the next administration) will be smooth.

In preparing the state budget for 2025, the President-elect Prabowo Subianto was consulted. So there is no need to worry about growth targets and superior programs because they have been accommodated in it.   

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