Jakarta, CNBC Indonesia – The Central Statistics Agency (BPS) announced Indonesia’s economic growth data for the second quarter of 2022. The result is in line with expectations, the country’s economy is growing high.
In the second quarter of 2022, Indonesia’s Gross Domestic Product (GDP) grew 3.72% compared to the previous quarter (quarter-to-quarter/qtq). So although in the first quarter of 2022 there was a contraction (negative growth) of 0.96%, but it did not continue in the second quarter of 2022. No two straight quarters of contraction, no technical recession.
Meanwhile, compared to the second quarter of 2022 (year-on-year/yoy), the economy of Mother Earth grew 5.44%. Better than the achievement in the first quarter of 2022 which grew 5.01%.
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Indonesia’s impressive economic growth is in line with market participants’ expectations. The market consensus compiled by CNBC Indonesia estimates that economic growth in the second quarter of 2022 is 3.5% qtq and 5.17% yoy. Meanwhile, the Reuters version of the consensus produced economic growth projections of 3.44% qtq and 5.17% yoy.
“Global economic conditions are faced with a number of challenges. Inflationary pressures in several countries are already quite high. European Union 9.6%, America 9.1%, UK 8.2%, Korea 6.1%. IMF also revised economic growth, down. For 2022, it was originally 3.6% to 3.2%,” said Margo Yuwono, Head of BPS, in a press conference at BPS headquarters, Jakarta, Friday (5/8/2022).
With the increase in commodity prices, continued Margo, Indonesia has benefited and the trade balance posted a surplus of US$ 15.55 billion. Up 148.01% yoy.
Domestically, Margo added, the handling of the Covid-19 pandemic has improved so that population mobility has increased. Purchasing power is maintained, consumption and production activities are accelerated.
The government and Bank Indonesia (BI) also continued to reduce global pressure. Margo said that energy subsidies and social assistance increased by 11.34% yoy and 56.17% yoy, respectively. Meanwhile, BI chose not to raise the benchmark interest rate.
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