Indonesia’s growth hit record high in nine years

Jakarta (VNA) – Indonesia grew 5.31% in 2022 from a year earlier, the highest in the past nine years.

The source of growth from the expenditure side is household consumption, Margo Yuwono, head of Statistics Indonesia, told reporters at a news conference on February 6. The improvement in income boosted consumption in the transport, communication, and restaurant-hotel sectors, he added.

The official emphasised that these indicators show that Indonesia's economy grew steadily last year.

According to him, the nation recorded a high growth thanks to high export prices and the lifting of travel restrictions, including the cancellation of the quarantine requirement in March 2022, which has boosted business activities and tourist arrivals.

Yuwono affirmed that the reopening of most international airports has bolstered people's economic activity. In the first half of 2022, Indonesia hosted more than 740,000 visitors, an annual increase of more than 900%.

The country's GDP in the fourth quarter alone showed a year-on-year growth rate of 5.01%, slowing from 5.72% in the third quarter./.