Indonesia’s economy grew 5.01% from January to March 2022 compared to the same period last year, in line with the 5.02% growth seen in the fourth quarter of 2021. Published data By the National Statistics Bureau on May 9th.
First-quarter growth was largely driven by a recovery in consumption, investment and exports. Data show that exports of goods and services increased 16.22 percent in the first quarter.
Rising prices for global commodities such as coal, palm oil and nickel also contributed to Indonesia’s large trade surplus, as Indonesia is a major supplier of these resources.
Margo Yuwono, director of statistics at Indonesia, said more than half (65.74%) of gross domestic product (GDP) comes from industry, trade, agriculture, mining, the construction sector and the local media. VOI report.
“This first quarter high economic growth rate was also driven by the low-base impact of the first quarter of 2021 experienced by the Indonesian economy in the first quarter of last year, apart from the recovery of community economic activity. It’s a 0.7% reduction. “
Yuwono said the lifting of COVID-19 restrictions has also significantly increased economic activity and consumption, including travel.
Private consumption, which accounts for more than half of Indonesia’s GDP, increased by 4.34 percent in the first quarter of 2022 from 3.55 percent in the fourth quarter of 2021.
“Indonesia’s economic growth earlier this year was lower than in the fourth quarter of 2021, down 0.96 percent,” Yuwono said.
According to the data, the unemployment rate fell by 5.83% by February 2022 due to increased activity, down from 6.26% in the previous year. However, that percentage was still higher than the pre-pandemic level of 4.94 percent.
In April 2022, Indonesia banned the export of cooking oil and raw materials to address domestic shortages and curb the cost of rapidly rising cooking oil.
Trade Minister Muhammad Lutfi said in April that the export ban would continue until the price of bulk cooking oil dropped to Rp14,000 (97 cents) per liter. According to data from the Ministry of Trade, the retail price of bulk cooking oil at the time of the announcement was about 18,000 rupiah ($ 1.24).
Reuters contributed to this report.
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Aldgra Fredly is a Malaysia-based freelance writer featuring the Epoch Times Asia Pacific News.