The Indonesian economy experienced slower growth in the second quarter of 2024, as reported by the Central Statistics Agency (BPS). The country's gross domestic product (GDP) at current prices reached Rp 5,536 trillion. 

"Indonesia's economic growth in the second quarter of 2024, compared to the second quarter of 2023, grew by 5.05%. Quarter-on-quarter growth was 3.79%," stated BPS Deputy for Balance and Statistical Analysis, Moh. Edy Mahmud, during a press conference in Jakarta on Monday, August 5. 

Edy explained that the quarterly economic slowdown aligns with the seasonal patterns observed in previous years. He noted, "The Indonesian economy grew steadily at 5.08% in the first half of 2024 compared to the same period last year." 

In a previous interview, finance Minister Sri Mulyani Indrawati expressed optimism about Indonesia's economic performance in the second quarter of 2024, despite facing global economic uncertainties. She highlighted that growth would be supported by household consumption, exports, and investments.  

"Economic growth in the second quarter of 2024 is expected to remain above 5% year-on-year, continuing the first quarter's performance of 5.11%," said Sri Mulyani last Friday. 

Sri Mulyani also projected an increase in export activities, driven by the export of manufactured and mining products, particularly to major trading partners like India and China. "Looking ahead, increased domestic economic activity is expected to continue until the end of 2024," she added. 

Separately, coordinating Minister for Economic Affairs Airlangga Hartarto pointed out that Indonesia's economic growth surpasses that of China, Singapore, and South Korea. "Compared to China, Indonesia is still higher. China grew by 4.7%," Airlangga remarked during a press conference at the Coordinating Ministry for Economic Affairs in Jakarta on August 5. 

Airlangga also noted that Indonesia's economic growth outperformed Singapore, South Korea, and Mexico, with Singapore growing by 2.9%, South Korea by 2.3%, and Mexico by 2.24%.  

Airlangga added that Indonesia's economic growth is supported by a stable inflation rate of 2.13%, along with positive contributions from various components. "Household consumption grew by 4.93%, contributing 54.53% to economic growth. Non-profit institution spending serving households (LNPRT), government consumption, PMTB export-import of goods and services are also positive," he explained. 

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