The Central Statistics Agency (Badan Pusat Statistik or BPS) reports that in the third quarter of 2023, the economy of South Sumatra Province (Sumsel) grew by 5.08% year-on-year (YoY). "This figure, when compared on a quarterly basis (QoQ) or to the second quarter of 2023, experienced growth of 2.39%," said Moh Wahyu Yulianto, the Head of BPS South Sumatra, in Palembang on Monday. He explained that when compared to the national economic conditions, South Sumatra's economy performed better. National economic growth was at 4.94% YoY, which was smaller compared to the previous quarter when it experienced growth of 5.17%. From the business field perspective, the economic growth of South Sumatra was supported by 17 business fields, with 13 of them experiencing positive growth, while four contracted. The three business sectors with the highest growth were the accommodation and food services sector, growing by 12.93% with a 1.86% distribution. Following that was the mining sector with a growth of 10.23%, contributing 27.93% to the total. In the third position was the transportation sector, growing by 5.88% with a 2.40% share.

On the other hand, the four sectors that contracted were government administration, which contracted by 1.12%, education services by 1.07%, other services by 0.09%, and health services by 0.31%. Wahyu stated that in the third quarter of 2023, the mining sector became the highest source of growth for South Sumatra, at 2.33%, followed by other sectors at 0.99%, and manufacturing at 0.74%. From the expenditure side, South Sumatra's economic growth is supported by six components, with five of them experiencing positive growth, and one contracting. "Foreign export components contracted significantly by 28.90%. The component with the highest positive growth is the foreign import component, at 32.98%," he added.

Source: https://www.antaranews.com/berita/3810153/ekonomi-sumsel-pada-triwulan-iii-2023-tumbuh-508-persen