The Central Statistics Agency (BPS) has announced that Indonesia's economic growth in the third quarter of 2023 reached 4.94% year on year (YoY), as stated by the Acting Head of BPS, Amalia Adininggar Widyasanti, during a press conference on Monday, November 6, 2023. Market consensus gathered by CNBC Indonesia from 12 institutions projected economic growth to reach 5.03% year on year (YoY) and 1.71% quarter on quarter (QoQ) in the third quarter of 2023, which covers the period of July to September. For reference, Indonesia's economy expanded by 5.17% (YoY) and 3.86% (QoQ) in the second quarter of 2023. Meanwhile, in the third quarter of 2022, Indonesia's economy grew by 5.73% (YoY) and 1.83% (QoQ). Several events influenced the domestic economy, with the conditions of several major trading partner countries of Indonesia remaining in positive territory. However, their growth in the third quarter of 2023 was generally slower compared to the second quarter, with countries like China and India posting somewhat weaker performance.
The decline in global commodity prices affected leading export commodities, including palm oil (CPO), nickel, and coal. Internally, there was an increase in mobility and tourism, along with stable consumer purchasing power. Production activities remained solid, and there was a response to economic policies implemented by regulators.
