Indonesian economy grows by 4.94% in Q3

Illustrative image (Photo: AFP/VNA)

Jakarta (VNA) - Indonesia's economic growth in the third quarter of 2023 increased by 4.94% year-on-year, and 1.6% month-on-month, according to the Central Statistics Agency (BPS).

Acting Head of BPS Amalia Adininggar Widyasanti said on November 6 that  Indonesia's Gross Domestic Product (GDP) at current market prices (ADHB) amounted to over 5.29 trillion IDR (341 million USD) in the third quarter. Furthermore, when viewed at constant market prices (ADHK), it was recorded at 3.12 trillion IDR (201 million USD).

According to Amalia, the realisation of economic growth in the the quarter is still considered quite favourable, especially given the backdrop of a slowing global economy, climate change, and decreasing prices of key export commodities.

The processing and manufacturing industry was the country’s biggest growth driver in the third quarter. Amalia explained that the growth of the manufacturing sector is supported by high domestic demand, including for metal goods such as computers, electronic products, optics and electrical equipment, which increased by 13.68% over the same period last year./.

VNA