Indonesia’s GDP grows by 5.01% in Q1 2017

JAKARTA (TheInsiderStories)  -​Indonesia’s Gross Domestic Product (GDP) growth in the first quarter of 2017 reached 5.01 percent, higher compared to the same period last year which grew by 4.92 percent, led by the growth in the agricultural sector.

The Central Bureau of Statistics (BPS) revealed that the agricultural sector which contributed 13.59 percent to GDP grew 7.12 percent due to the March harvest season shifting after last year’s El-Nino phenomenon that caused the harvest to shift to April.

“The industry sector, which grew by 4.21 percent, remained the largest contributor to the growth by 20.47 percent, followed by agriculture, trade, construction and mining,” the Head of BPS Kecuk Suhariyanto said at a press conference on Friday (May 5).

The trade sector which contributed 13.18 percent to GDP grew by 4.77 percent while construction sector which contributed 10.25 percent to GDP grew 6.26 percent. The mining sector which has a contribution of 7.99 percent has a negative growth of 0.49 percent.

“The mining industry growth was slower compared to the first quarter of 2016 due to the negative growth of coal and oil and gas industry which previously grew positive by 5.49 percent,” he said.

While in terms of expenditure, all components have shown positive growth. Household consumption as the main engine of the GDP grew by 4.93 percent. Meanwhile, investment and exports grew by 4.81 percent and 8.04 percent respectively.

The government consumption only grew 6.58 percent in the first three month of the year.

Kecuk said slowing household consumption was marked by slowing sales growth in the retail sector, including food and beverages, tobacco, household appliances, and sales of passenger cars. (RF)