Indonesia GDP Q2 2024 +5%

According to the latest data from Statistics Indonesia, the country’s economy grew by 5 per cent on a yearly basis in the second quarter of 2024.

Southeast Asia's largest economy expanded by 5.1 per cent in the first half of 2024, while on a quarterly basis, GDP increased by 3.8 per cent in the April-June period.

Household consumption, which makes up over half of GDP, held steady with an expansion of 4.9 per cent, supported by transportation, food, restaurants, and hotels. On the production side, the main contributors to growth were mining, processing industries, construction, and trade.

Investment grew by 4.4 per cent in the second quarter, compared with under 4 per cent in the first quarter. Net exports, which measure exports against imports, contributed to growth in the second quarter, compared to a contraction in the previous three months.

Indonesia's GDP expanded by 5 per cent in 2023, and the central bank has projected a growth rate between 4.7 and 5.5 per cent for 2024.

The Asian Development Bank projected Indonesia's economy to grow by 5 per cent in both 2024 and 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, with a population of 667 million people and a territory of 4.5 million km². It is currently the third largest economy in Asia-Pacific and the fifth largest in the world. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.