Jakarta: The latest Business Survey conducted by Bank Indonesia (BI) in the fourth quarter of 2022 indicates robust business activity.
It was reflected by weighted net balance (WNB) of 10.27%, slightly lower than the 13.89% recorded in the third quarter of 2022.
"A positive WNB was recorded across all economic sectors, except for a lower WNB in the Agricultural, Plantation, Livestock, Forestry and Fishing sector, primarily the Food Crop subsector, given the onset of the planting season," BI Communication Department Executive Director Erwin Haryono said in a media release on Friday, January 13, 2023.
"Persistently solid business activity in the fourth quarter of 2022 was supported by stronger tertiary sector growth, predominantly the Services sector as well as the Transportation and Communication sector, in response to a seasonal spike in demand during the Christmas National Religious Holiday (HBKN) and New Year festive period," he stated.
Production capacity utilisation in the fourth quarter stood at 70.94%, comparatively lower than the 73.67% recorded in the third quarter of 2022, which is consistent with lower labour utilisation in the same period.
Meanwhile, corporate financial conditions have improved in terms of liquidity and profitability, accompanied by easier access to finance.
Respondents predict stronger business activity in the first quarter of 2023, as indicated by a WNB of 13.66%, driven by the primary and secondary sectors, including the Agricultural, Plantation, Livestock, Forestry and Fishing sector in line with the start of the harvesting season in March.
Meanwhile, respondents expect gains in the Mining and Quarrying sector as well as the Manufacturing Industry on the back of increasing demand supported by storage capacity and the availability of production facilities.
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