Indonesia’s economy grows 5% in Q1, surpassing US, China

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Indonesia’s economy swelled 5.01 percent in the first quarter of 2022, surpassing the growth of several nations, including the United States, China, and South Korea, Coordinating Minister for Economic Affairs, Airlangga Hartarto, has said.

“Our economic growth in the first quarter has been stable, almost similar to the one in the fourth quarter of 2021, which was 5.01 percent,” he informed during a press conference streamed on the Presidential Secretariat’s YouTube channel on Monday.

Indonesia’s economic growth is considered to have surpassed that of a number of nations such as China (4.8 percent), Singapore (3.4 percent), South Korea (3.07 percent), the United States (4.29 percent), and Germany (4.0 percent).

“In terms of global economic growth, it is estimated to be 3.6–4.5 percent. However, several institutions have estimated that Indonesia’s economic growth is between 5.0–5.4 percent,” Hartarto informed.

The positive news on the economic front has been followed by total workforce of 4.2 million with the addition of 4.56 million workers. This means that almost everyone entering the workforce can be absorbed.

“The number of full-time workers is 88.42 million, or has risen by 4.28 million people. The surge in economic growth is also mirrored by the rise in the created workforce,” the minister said.

The number of part-time workers has risen to 36.54 million, an increase of one million. Meanwhile, the number of workers who are partially unemployed has declined by 770 thousand to 10.65 million.

All sectors from the supply side have, on average, experienced positive growth, starting from warehousing, industry, service, agriculture, and construction.

A similar phenomenon has also been observed on the demand side, including in household consumption, investment, and export-import, the minister noted.

Throughout Ramadhan, the spending index has increased along with the rise in traffic and passengers.

According to observations, the spending index in Kalimantan has increased to 199.6, Sumatra 178, Java 137, Maluku and Papua 145.5, and Bali as well as Nusa Tenggara 72.9.

Source: Antara News