The trade balance in February 2022 recorded a surplus of US$3.83 billion. (Photo: medcom.id)
The trade balance in February 2022 recorded a surplus of US$3.83 billion. (Photo: medcom.id)

Indonesia's Economic Growth in First Quarter to Be Better: Ministry

Antara • 04 April 2022 19:38
Jakarta: The realization of economic growth in the first quarter of 2022 would be better than the previous quarter, as various sectors had shown increase in recovery, according to the Finance Ministry.
 
"The indicators are consistent with our assessment that the first quarter of 2022 will be (much better as) compared to the previous quarter," Head of the Fiscal Policy Agency at the Finance Ministry Febrio Kacaribu stated at the Indonesia Macroeconomic Updates 2022 here, Monday.
 
Kacaribu remarked that one of the indicators of better recovery in the first quarter was the increase in people's mobility, thereby rejuvenating the economy.

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The Google Mobility Index recorded that people's mobility increased by 6.7 percent in the first quarter of 2022, or better than the first quarter of 2021, which was pegged at minus 6.13 percent; and the second quarter of 2021, which was capped at minus 6.13 percent.
 
Moreover, leading economic indicators, such as the Consumer Confidence Index (IKK) in February 2022, were at an encouraging level of 113, which implied good consumption activity.
 
The retail sales index also continued to increase to reach 14.5 percent in February 2022 in accordance with the people's optimism and mobility.
 
Industrial and business electricity consumption is also high, sitting at 14.1 percent (yoy) and 9.3 percent (yoy) respectively in February 2022, indicating that business activity is still strong.
 
On the other hand, Indonesia's Manufacturing Purchasing Managers Index rose to 51.3 in March 2022 as business sentiment improved following the relaxation of restrictions amidst the expansion rate of the global Manufacturing Purchasing Managers Index, which declined greatly due to global issues.
 
The trade balance in February 2022 recorded a surplus of US$3.83 billion owing to export performance that grew 34.14 percent (yoy), supported by an improvement in leading non-oil and gas exports.
 
Imports in February 2022 also grew by 25.43 percent (yoy), dominated by input goods, those being raw materials and capital goods, thereby indicating that production activities had expedited.

 
(WAH)
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