VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Data of IndonesianStatistics Agency (BPS) showed that Indonesian economic growth in Q4 2021 was 5.02 percent year on year. Therefore, the 2021 economic growth was 3.69 percent. 

Head of BPS, Margo Yuwono in a press conference on Monday (7/2) said that the main supporter of Q4 2021 economic growth based on expense was still dominated by household consumption with 3.55 percent so that the share towards the economy surpassed 52.91 percent. The household consumption contributed 1.91 percent of the 5.02 percent year-on-year growth in Q4 2021. This indicated that the people started shopping when the economy recovers.

More in detail, Margo Yuwono also explained that the booster of the household consumption was the increasing sales of retail, wholesale, and motor vehicles. Meanwhile, the transaction value of electronic money, debit card, and credit card grew 9.11 percent, strengthening compared to Q4 2020 which was minus 0.88 percent. Another indicator by BPS was 18.23 percent growth in flight passengers.

Another important component was investment or Gross Fixed Capital Formation (GFCF). In Q4 2021, the GFCF grew by 4.49 percent, contributing 31.01 percent to the Gross Domestic Product. This was supported by the growth of capital equipment, such as machinery and equipment, domestic vehicles, and other imported capital equipment.

The next component is that goods and services export grew significantly by 29.83 percent year on year. The export was the 3rd biggest structure of GDP with 23.70 percent share. Various other phenomena that supported export included some partner countries' growing economies such as China, U.S., and South Korea.

Meanwhile, some international commodity prices, such as palm oil and coal also improved Indonesian export performance.

The fourth contributor of GDP was 11.82 percent government consumption which grew 5.25 percent. This growth was supported by the 25.13 percent increase in goods and services spending realization.