Indonesia’s economy expanded by 5.11% in Q1 2024, surpassing the US, Japan, and Singapore.

In the first quarter of 2024, Indonesia’s economy grew by 5.11% (YoY), higher than Q4 2023 (5.04%) and Q1 2023. The growth was driven primarily by household consumption and Gross Fixed Capital Formation (PMTB) due to Eid festivities and the upcoming 2024 elections.

Indonesia’s 5.11% growth outperformed the US (3%), Japan (1.2%), and Singapore (2.7%). However, it trailed behind China’s 5.3% and India’s 7.3% growth.

Household consumption was the largest contributor to Indonesia’s Q1 2024 growth, providing 2.62% to the overall expansion. This contribution increased compared to previous quarters.

Gross Fixed Capital Formation (PMTB) contributed 1.19% to growth, driven by building investments and foreign/domestic direct investment.

Government consumption added 1.06% to growth, making it the third-largest contributor.

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Net exports negatively affected growth by 0.23%, underscoring the challenges of global trade.

Indonesia’s strong economic performance demonstrates the country’s resilience and rising market opportunities. For Singaporeans and international visitors, this growth represents emerging investment prospects and favorable market conditions.

Indonesia’s economy expanded by 5.11% in Q1 2024, surpassing the US (3%), Japan (1.2%), and Singapore (2.7%). Household consumption and investments were key drivers, while government spending also played a significant role. Despite global trade challenges, Indonesia continues to outperform its regional peers, presenting promising opportunities for investors and tourists alike.

Source: CNBC Indonesia, Detik Finance (2024)