Indonesia's Economic Growth Overtakes China: BPS

english.jpnn.com, JAKARTA - Indonesia's economic growth in the fourth quarter of 2021 reached 5.02 percent year-on-year, said Indonesia Statistics (BPS) head Margo Yuwono.

"If it is calculated on a quarterly basis, the Indonesian economy grew 1.06 percent in the fourth quarter, or 5.02 percent annually," he said in a virtual press conference, Monday (7/2).

Based on BPS records, the growth was higher than Indonesia's trading partners such as China, which reached 4.0 percent, and South Korea with 4.1 percent.

Meanwhile, Indonesia's gross domestic product (GDP) in the fourth quarter of 2021 reached Rp 4,500 trillion at current prices, or Rp 2,850 trillion at constant prices.

"The global economy also showed improvement, as reflected in the global manufacturing PMI [purchasing managers index], which was above 50 from October to December 2021," said Margo.

The highest economic growth was recorded by the United States, Singapore, and Vietnam, which respectively reached 5.5 percent, 5.9 percent, and 5.2 percent in the fourth quarter of 2021. Meanwhile, Hong Kong and the European Union were each recorded at 4.8 percent.

According the Finance Ministry, Indonesia's economic growth was in line with the predictions of Finance Minister Sri Mulyani, who was optimistic that the growth would reach at least 3.7 percent in 2021.

Sri said the figure was the highest considering the negative record in the first quarter and a slowdown in the third quarter due to the increase in Covid-19 cases in Indonesia.