BI Predicts Indonesia's Economic Growth at 5.01 Pct. in 2023

Author: Ayu Miranda
November 16, 2023

SEAToday.com, Jakarta - Bank Indonesia (BI) predicts Indonesia's economic growth this year to reach 5.01 percent in BI's 2023 annual budget. BI Governor Perry Warjiyo, in a working meeting with Commission XI of the House of Representatives in Jakarta on Monday (11/13), explained that Indonesia's economic growth in 2023 is estimated to move in the range of 4.5–5.3 percent. The increase in economic growth is partly due to the synergy and coordination of government and BI policies in maintaining stability and growth despite the negative impact of global turmoil.

In the third quarter of 2023, Indonesia's economic growth was only 4.94 percent on an annual basis, or yoy. This figure is far from Perry's estimate, which, according to him, could grow up to 5.15 percent. Meanwhile, in the first quarter of economic growth, the realization reached 5.04 percent, and the second quarter amounted to 5.17 percent.

In 2024, BI estimates that household consumption will grow in the range of 4.97 percent, government consumption will grow 3.98 percent, investment will grow 5.06 percent, exports will grow 0.91 percent, and imports will be minus 0.52 percent.