The economy of North Maluku Province experienced significant growth in the second quarter of 2023, reaching 23.89% (yoy), which is the highest growth rate across Indonesia. This acceleration in growth was driven by the mining and manufacturing sectors, which continued to perform strongly. Additionally, increased consumer spending during the religious holidays of Idul Fitri and Idul Adha 1444 H in the second quarter of 2023 contributed to this robust economic performance.
However, the Consumer Price Index (CPI) inflation in Ternate City, North Maluku, in the second quarter of 2023 rose to 5.37% (yoy), higher than in the previous quarter. This inflation was primarily influenced by the food, beverage, and tobacco group, particularly due to increased demand during the religious holidays. In July 2023, Ternate City experienced inflation of 0.30% (mtm), driven by higher prices for sea and air transportation.
Despite the inflationary pressures, Bank Indonesia expects that CPI inflation in Ternate City in the third quarter of 2023 will be lower and within the national inflation target range of around 3% ± 1%. This indicates that the economy of North Maluku remains stable with strong growth, and efforts will be made to keep inflation under control.
