4 Factors Driving Indonesia's Economic Growth in 2021 by 3.69 Percent
English
The Indonesia's Central Statistics Agency (BPS) conveyed that the Indonesia's economic growth rate in the fourth quarter of 2021 grew 5.02 percent year on year or 1.06 percent quarter to quarter. With this growth rate, Indonesia's total economic growth throughout 2021 will reach 3.69 percent.
"This is a fairly high economic growth experienced by Indonesia," said Head of BPS, Margo Yuwono, in a press conference, Monday (7 February).
Indonesia's economic growth in the third quarter of 2021 reached 3.51 percent. This growth experienced a significant decline after in the previous second quarter it broke up to 7.07 percent. Meanwhile, in the first quarter of 2021, growth was still negative 0.7 percent.
Margo said a number of factors driving the economy in the last quarter of 2021 showed improvement. This is recorded both in terms of the global economy, community mobility, government spending, and investment realization.
In terms of the global economy, all trading partner countries showed economic improvement, which was followed by increasing the value of Indonesia's exports to these countries. Those countries are China, the United States, South Korea, Singapore, Vietnam, Hong Kong and the European Union.
At the same time, the prices of Indonesia's leading commodities have increased in price. For example, crude palm oil (CPO) increased 42.41 percent in the fourth quarter. Coal rose 168.01 percent and nickel increased 23.9 percent.
The last factor is the strengthening of government spending. Personnel spending rose 2.7 percent, goods and services spending rose 25.1 percent, capital expenditure increased 10.6 percent, and social assistance also increased 23.4 percent.
Meanwhile, the realization of foreign and domestic investment during the fourth quarter increased 12.5 percent yoy. With various records of these events, the economy in the fourth quarter was measured by the amount of gross domestic product (GDP) reaching Rp 4,498 trillion.
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