Wed, 31 May 2023

Indonesia's economy expands to 5.31 pct in 2022

Xinhua
06 Feb 2023, 20:05 GMT+10

JAKARTA, Feb. 6 (Xinhua) -- Indonesia's economy expanded to 5.31 percent in 2022, the highest rate in the last nine years, according to Statistics Indonesia (BPS).

The figure is supported by the growth of 5.01 percent year-on-year in the fourth quarter of 2022.

"This economic growth has returned to level five, as it was before the COVID-19 pandemic," said BPS head Margo Yuwono in a press conference on Monday.

The country's gross domestic product (GDP) was recorded at 5.02 percent before the COVID-19 pandemic began in 2019, then dropped to minus 2.07 percent in 2020 and strengthened to 3.70 percent in 2021, respectively.

The growth in 2022 was mainly driven by the transportation sector, household consumption which accounts for more than half of Indonesia's GDP, and higher exports due to rising commodity prices.

The global economic slowdown will continue this year, said Yuwono, and the central bank expected the country's growth to be between 4.5 percent and 5.3 percent in 2023.

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