Jakarta: Indonesia's national economy in the second quarter of 2021 moved into positive territory for the first time since the Covid-19 outbreak at the beginning of 2020, achieving 7.07% (yoy), according to Bank Indonesia (BI).
Recent economic expansion builds on the previous improvements through to the first quarter of 2021 and represents the fastest pace of growth since the fourth quarter of 2004 (7.16% yoy).
Consequently, real GDP in the second quarter of 2021 surpassed that recorded prior to the Covid-19 pandemic in the fourth quarter of 2019.
All demand components and economic sectors have contributed to upward economic momentum.
"Moving forward, Bank Indonesia will continue to increase policy coordination with the Government and other relevant institutions, including monetary-fiscal policy coordination, export stimuli as well as economic and financial inclusion, to nurture further economic gains, while accelerating the vaccination rollout and adhering to stringent health protocols," said BI Communication Department Head Erwin Haryono in a press release on Thursday.
On the demand side, second-quarter economic performance was boosted primarily by higher exports, household consumption, investment and government consumption.
In the reporting period, exports soared 31.78% (yoy), thus reversing the -2.22% (yoy) contraction in the first quarter of 2021. Meanwhile, household consumption continues to increase in response to fewer mobility restrictions, ongoing stimuli in the form of a luxury tax holiday and macroprudential policy, as well as the seasonal boost afforded by recent national religious holidays (HBKN).
Investment growth has also moved into an expansionary phase at 7.54% (yoy), underpinned by stronger non-building investment.
Finally, government consumption expanded 8.06% (yoy) in the reporting period, driven by the accelerated realisation of fiscal stimuli in the form of procurement and capital spending, specifically relating to the national economic recovery program, as well as personnel expenditure.
Consistent with higher exports and domestic demand, import growth also surged to 31.22% (yoy).
All economic sectors expanded in the reporting period, primarily led by the Manufacturing Industry, Trade, Transportation and Storage as well as Accommodation and Food Service Activities.
Spatially, national economic momentum is buoyed by all regions of the archipelago, dominated by Sulawesi-Maluku-Papua (Sulampua), Java and Kalimantan.
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