Indonesia's economy has shown impressive growth in the second quarter, surpassing expectations despite global economic challenges and declining export prices. According to Indonesia's official statistics agency, Southeast Asia's largest economy expanded by 5.17% compared to the previous year.
Strong Performance Amidst Global Slowdown
Even as the global economy faces a slowdown, Indonesia's business sectors have managed to thrive. This robust growth of 5.17% outperformed the previous quarter's expansion of 5.03%. Furthermore, it surpassed the median estimate of 4.93% growth predicted by a poll of five economists conducted by the Wall Street Journal.
Factors Driving Economic Expansion
Moh Edy Mahmud, the deputy in Indonesia's statistics department, highlighted the key factors behind this economic performance. Increased social mobility and religious holiday moments throughout the second quarter of 2023 bolstered both public consumption and production activity.
Key Contributors to Growth
From a production perspective, the growth experienced in the second quarter can largely be attributed to the processing manufacturing, trade, and transportation industries. All business sectors witnessed growth, driven by strong domestic and global demand. Notably, the transportation and warehousing sector recorded the highest growth.
Gross Domestic Product Expands
Indonesia's gross domestic product (GDP) expanded by 3.86% compared to the previous quarter. This further demonstrates the resilience and strength of the Indonesian economy.
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