Indonesia's economy expanded by 5.05% year-on-year (y/y) in the second quarter of 2024 (Q2-2024), according to data from the Indonesian Statistical Agency (BPS) released on August 5, 2024. Although slightly below the projected 5.1%, this growth is viewed positively given global uncertainties such as unrest in the Middle East, the Russo-Ukrainian war, high global interest rates, and sluggish economic growth from key partners like China. The domestic market, supported by Indonesia’s large population of around 280 million with increasing incomes, played a significant role in driving this growth and attracting direct investment.
In Q2-2024, Indonesia's Gross Domestic Product (GDP) at current prices reached IDR 5,536.5 trillion (approximately USD 340.71 billion), representing a 6.0% y/y increase. On a quarter-on-quarter (q/q) basis, GDP grew by 4.7%, partly driven by peak consumption during Ramadan and Idul Fitri celebrations. The manufacturing industry, as the largest contributor to GDP, saw a 7.5% y/y increase, though it only grew by 0.5% q/q due to high activity levels in the first quarter in anticipation of Ramadan. This overall economic performance reflects the resilience of Indonesia's domestic market amidst global challenges.

Source : https://www.indonesia-investments.com/id/news/news-columns/economic-update-indonesia-indonesian-economy-grows-by-5.05-y-y-in-q2-2024/item9737