Indonesia Records Growth GDP Ever in a Decade, Showing 5.31% Growth in 2022

Indonesia's economy grew 5.31 percent in 2022, the most in nearly a decade, resuming growth patterns prior to the COVID-19 pandemic.

Margo Yuwono, the head of the statistics agency, announced the 2022 growth numbers, saying that last year's growth was the highest since 2013, when it was around 5.7 percent.

According to Mr Yuwono, last year's growth was significantly higher than 2021's growth of 3.69 percent due to global and domestic factors.

“Globally, Indonesia benefits from the relatively high prices of leading export commodities in the global market,” said Mr Yuwono.

On the domestic front, he added, growth was fueled by a combination of increasingly vibrant public activities and a mix of fiscal and monetary policies designed to maintain purchasing power.

He believes that the relaxation of COVID-19 restrictions played a significant role in the increase in people's economic activities.

The growth rate is consistent with the Indonesian central bank's projection of 4.7% to 5.5% for 2022.

Indonesia's quarterly GDP figures showed that the Southeast Asia's largest economy grew by 5.01 percent in the final quarter, down from 5.72 percent in the third quarter of 2022.

According to the statistics agency, household consumption continues to be a significant contributor to the economy, accounting for more than half of GDP (51.87%).