Jakarta, CNBC Indonesia – Amid the sad news surrounding Indonesia’s economy, there is still hope. There are signals that public consumption is starting to improve.
Quoting the September 2020 edition of the Consumer Survey released by Bank Indonesia (BI), the share of consumer income for shopping or consumption is 68.8%. An increase compared to the previous month which amounted to 67.35%. The increase in consumption allocation automatically causes savings and installments to decrease.
“The increase in average consumption to income occurred in all expenditure categories. The highest was for respondents with expenditures above Rp 5 million per month,” said the BI report.
If this condition can continue to exist, let alone be improved, the country’s economic future will be bright. This is because the Indonesian economy relies heavily on household consumption. This item accounts for more than 50% of the Gross Domestic Product (GDP) formation.
In addition, those who increase the consumption portion are the middle class group. This group is the most numerous, with a population of 52 million according to World Bank estimates. One in five Indonesian citizens has middle class status, which is characterized by an established economic status and is not prone to falling into poverty.
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