BPS: Indonesia's 2024 Economic Growth at 5.03 Percent, Slight Slowdown
The Central Statistics Agency (BPS) noted that all business sectors experienced positive growth throughout 2024.
TEMPO.CO, Jakarta - Acting head of the Central Statistics Agency (), Amalia Adininggar Widyasanti, announced that Indonesia's economic growth in 2024 was 5.03 percent. This figure represents a slight slowdown compared to the 5.05 percent growth recorded in 2023.
Amalia noted that all business sectors experienced positive growth throughout 2024. "The fields of business with the largest contribution to the economy are , followed by trade, agriculture, construction, and then mining," she explained at the BPS headquarters in Jakarta on Wednesday, February 5, 2025.
Manufacturing led the growth, contributing 0.90 percent. From the expenditure side, the primary drivers of economic growth were household consumption, followed by Gross Fixed Capital Formation (GFCF), and exports.
Household consumption made up 54.04 percent of the growth, with a growth rate of 4.94 percent in 2024. Other contributing expenditures included GFCF, which grew by 4.61 percent, and of goods and services, which saw a 6.51 percent increase.
This growth aligns with the previous forecast from the Institute for Economic and Social Research of the University of Indonesia's Faculty of Economics and Business (LPEM FEB UI). Their macroeconomic analysis of Indonesia suggested that in 2025 would likely remain close to the 2024 figure.
LPEM FE UI had predicted that the economy would only grow by approximately 5.0 percent to 5.1 percent this year. "There are indications of structural problems that make Indonesia's economy unable to grow by 5 percent without seasonal factors," they stated.
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