The Statistics Indonesia (BPS) reported Indonesia's economic growth of 5.01% year on year (YoY). Statistics Indonesia (BPS) also recorded a trade balance surplus of USD 9.33 billion. "The high economic growth rate in Q1 2022, apart from the recovery of community economic activity, other factors are also due to the low base effect in Q1 2021 where the Indonesian economy in Q1 2021 contracted 0.70%," said Head of Statistics Indonesia (BPS) Margo Yuwono in an official Statistics Indonesia (BPS) release in Jakarta, Monday (9/5/2022). He also reported that the trade balance in Q1 2022 had a surplus of USD 9.33 billion. Some of Indonesia's leading export commodities experienced price increases in Q1 2022, including CPO, coal, crude oil, tin, copper and nickel. "Not only that, production, consumption and investment activities in Q1 2022 increased yoy," said Margo.
The value of GDP at current prices is IDR 4.513 trillion, and the value of GDP at constant prices is IDR 2.819 trillion in Q1 2022. He said that the economic growth of some of Indonesia's trading partner countries in Q1 2022 such as China, the United States, South Korea, Singapore, Vietnam, Taiwan and the European Union also showed positive growth. In fact, China and the European Union's economic growth figures were higher in Q1 2022 compared to Q4 2021.

"So, our trading partners throughout the first quarter of 2022 grew positively, and there were two countries whose growth exceeded growth in Q4 2021," he added. With the tension between Russia-Ukraine conflict and its global impact, especially the increase in food and energy commodity prices, the IMF has significantly lowered its global economic growth projections. Previously, in 2022 the IMF projected the global economy would grow 4.4%, but following the latest developments, revised the figure to 3.6%. "Projected inflation in developed countries, which was previously 3.9%, will increase to 5.7%. Meanwhile, inflation in developing countries, which was originally 5.9%, will be 8.7%," said Margo. He said global economic growth projections and inflation projections in developed and developing countries need to get anticipation from the Indonesian government on how to manage the economy in Q2 2022.

Source: https://www.idxchannel.com/economics/bps-ekonomi-ri-tumbuh-neraca-perdagangan-surplus-usd933-miliar