The Central Statistics Agency (BPS) reports that the economic growth of South Sumatra (Sumsel) in the third quarter of 2023 reached 5.08% year-on-year (YoY). This growth is relatively higher than the national economic growth, which stood at 4.94%. Moh. Wahyu Yulianto, the Head of BPS Sumsel, explains that the economic growth in Sumsel for Q3-2023 increased by 2.39% compared to Q2-2023. The trade balance of Sumsel recorded a surplus of USD 1.19 billion in Q3-2023, constituting a 41.43% increase YoY. Notable export commodities for the province include mineral fuels, wood pulp, rubber, oil, and gas. Yulianto highlights several factors contributing to the stable economic growth in Sumsel. Notably, rice production increased by 11.03% YoY and 13.53% quarter-to-quarter (Q-to-Q). Additionally, rubber production (for SIR 10 and SIR 20) increased by 0.87% YoY. "Realization of cement procurement increased by 3.80% YoY. Per capita household consumption expenditure increased by 20.10% YoY. Government capital expenditure realization increased by 99.67% YoY and 50.83% Q-to-Q," he stated.
Yulianto adds that significant contributions to the high growth come from the mining sector at 10.23%, the transportation sector at 5.88%, and the accommodation and food sector reaching 12.93%. These sectors collectively play a vital role in propelling South Sumatra's economic advancement. The positive economic indicators, including a trade surplus, increased agricultural and industrial production, rising consumer spending, and higher government investment, reflect a robust economic performance for South Sumatra in the third quarter of 2023. The province's diverse economic sectors contribute to its resilience and growth, positioning it favorably in the regional and national economic landscape.
