The growth of the DIY economy is driven by strong domestic demand and increased tourism. In 2024, DIY's economy is expected to remain robust, with an estimated growth rate of 4.8-5.6% (yoy). Governor Sri Sultan Hamengku Buwono X emphasized the need to focus on both macro and microeconomic developments to build a better economy in DIY. In a meeting at the Bank Indonesia DIY Representative Office, he expressed gratitude to Bank Indonesia for their collaboration. Ibrahim, Head of the Bank Indonesia DIY Representative Office, reported that DIY's economy grew by 5.02% (yoy) in Q1 2024, higher than the 4.86% (yoy) growth in Q4 2023, making it the highest in Java. This growth was driven by increased demand during Ramadan, the shift in THR disbursements to Q1 2024, and election activities.

DIY's economy has remained stable over the past decade, dominated by the processing industry sector, which contributes 11.81%, followed by agriculture. Key agricultural commodities include rice, various chilies, shallots, and corn. However, there are challenges related to economic disparities between regions. Yogyakarta City and Sleman have high per capita GDP but slower growth, while Gunungkidul and Kulon Progo show high growth potential despite lower per capita GDP. The 7.27% increase in DIY's minimum wage for 2024 is expected to boost purchasing power and drive domestic consumption in retail and services. Additionally, major projects like tourism area development and public infrastructure construction continue in DIY, further strengthening economic growth in 2024.

Source: https://www.rri.co.id/daerah/866318/pertumbuhan-ekonomi-diy-2024-optimis-tetap-kuat