In a recent report by the Badan Pusat Statistik (BPS), household consumption remains the largest contributor to Indonesia's economic growth in 2023, accounting for 53.18% and contributing significantly to the overall growth rate of 5.05%. The Acting Head of BPS, Amalia Adininggar Widyasanti, highlighted that household consumption recorded a robust growth of 4.82% during the year, playing a pivotal role in sustaining economic momentum. The cumulative data for 2023 indicates that household consumption was the highest source of growth, contributing 2.55% to the overall expansion. Widyasanti attributed the sustained growth in household consumption to well-managed inflation and improved purchasing power among the population. Notably, specific segments within consumption, such as restaurants and hotels, experienced substantial growth driven by increased tourism activities during school holidays, Christmas, and the New Year. Additionally, transportation and communication sectors contributed significantly, fueled by heightened mobility for tourism, along with increased purchases of motorcycles.
On the economic landscape, the Formation of Gross Fixed Capital (PMTB) emerged as the second-largest contributor to the 2023 economic growth, growing by 4.4%. This growth was influenced by increased infrastructure development and investment activities in Indonesia. Key contributors to PMTB included housing projects like Lanud Haliim Perdana Kusuma apartments, civil servant housing in IKN, and progress on one million houses. Furthermore, road construction and dam development played a crucial role in this growth. The third contributor to economic growth in 2023 was exports, showing a positive growth rate of 1.32%. Notably, the growth in exports was primarily driven by the expansion of oil and gas exports, reflecting increased export volumes and service exports correlated with a rise in foreign visitors and foreign exchange inflows. The BPS emphasized that appropriate economic policies, including conducive fiscal and monetary policies, coupled with coordinated efforts between central and regional authorities, played a pivotal role in maintaining domestic inflation and ensuring a robust 5.05% growth for Indonesia's economy in 2023. In related economic forecasts, Chief Economist of Bank Permata, predicted a 5.04% year-on-year growth for Indonesia's Gross Domestic Product in 2023, attributing the solid performance to consistent consumer and investment contributions. Pardede highlighted the resilience of household consumption, especially among low-income groups. The cumulative data for 2023 indicates that household consumption was the highest source of growth, contributing 2.55% to the overall expansion.
