NOVEMBERASIA BUSINESS OUTLOOK9NEWSROOMINDONESIA'S FALLING GDP ATTRIBUTED TO DECLINE IN HOUSEHOLD CONSUMPTIONSouth Korea saw a 59 percent increase in demand for hydrogen in the mobility industry through September compared to the previous year. According to the Ministry of Trade, Industry and Energy, the total use of hydrogen in the sector increased significantly to 6,389 tons from 4,016 tons in the same period last year."Amid the rising number of hydrogen buses in the country, opportunities for people to experience hydrogen products in daily life are increasing," Deputy Minister for Energy Policy Lee Ho-hyeon said, according to sources."Since a stable supply of hydrogen is essential to foster the hydrogen mobility industry, the government plans to closely monitor the market and maintain close communication with related ministries, regional governments and companies," Lee added.The ministry announced that the Korea Petroleum Quality & Distribution Authority, in charge of hydrogen supply, will conduct on-site inspections at hydrogen facilities nationwide this month to maintain market stability.At the same time, three cities will be chosen by the government to become the country's inaugural hydrogen-focused complexes, with support provided for their development as hubs for the hydrogen industry.Following a meeting of the Hydrogen Economy Committee led by the government, it was announced that Donghae and Samcheok in Gangwon Province and Pohang in North Gyeongsang Province have been designated for hydrogen cluster projects after passing initial feasibility surveys. Indonesia's gross domestic product (GDP) grew by 4.95 percent in the third quarter compared to the same period last year, marking the slowest growth rate in a year, as reported by the statistics bureau on November 5. This figure came in slightly below the 5 percent growth anticipated by analysts, representing a decrease from the 5.05 percent increase recorded in the second quarter. On a quarterly basis, the GDP saw a growth of 1.50 percent, which was also below the forecasted 1.59 percent. The deceleration was attributed to a slowdown in household consumption, which constitutes roughly half of Indonesia's GDP.In the third quarter, household consumption rose by 4.91 percent annually, down from 4.93 percent in the previous quarter, with noted reductions in spending on items such as clothing and housing.Conversely, investment experienced a more robust growth rate of 5.15 percent year-on-year, marking the fastest pace in a year, fueled by investments in the new capital city and other infrastructure projects. Additionally, government spending and exports also saw expansion during this period.DBS Bank economist Radhika Rao commented that the third-quarter growth figures aligned with expectations, as increased investment and a rise in exports offset the weaker household consumption. Looking ahead, Airlangga Hartarto, Indonesia's chief economic minister, projected full-year GDP growth to hover around 5 percent and emphasized ongoing support for household consumption and investment to sustain economic growth through the end of the year. SOUTH KOREA'S HYDROGEN DEMAND IN MOBILITY SOARS 59 PERCENT IN 2023
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