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Indonesia's Q1 economic growth exceeds developed countries: State Minister

Tempo - May 8, 2023

Riani Sanusi Putri, Jakarta – Indonesia's economy is claimed to be growing at a faster rate compared to developed countries by logging a 5.03 percent economic growth during the first quarter (Q1) of 2023. This was mentioned by Economic Affairs Coordinating Minister Airlangga Hartarto in opening the Indonesia Digital Finance Festival 2023 on May 8.

"Indonesia logged something unusual compared to other countries. China's Q1 growth was only 4.5 percent. We managed higher," said the coordinating minister at the Jakarta Convention Center on May 8.

Indonesia itself has experienced economic growth above 5 percent in six consecutive quarters. Airlangga compared this situation to the United States' growth which logged 1.8 percent.

When compared to the 1.3 percent logged by the European Union (EU), Indonesia is still far superior, says the Minister. Especially when compared to Korea and Germany, where their economic growth in the first quarter of 2023 was 0.8 percent and 0.2 percent respectively.

This condition, according to Airlangga, shows that Indonesia's economic growth for six consecutive quarters is not uncommon. This achievement proves that the country succeeded in growing amid global uncertainty compared to the average of other countries.

Airlangga said that foreign exchange reserves continued to increase to US$145.2 billion. In addition, Indonesia's trade balance recorded a surplus for 35 consecutive months of US$2.91 billion. The value of Indonesia's digital economy reaches Rp 77 billion and Airlangga estimates this figure will grow by 2025 by Rp 130 billion.

Source: https://en.tempo.co/read/1723219/indonesias-q1-economic-growth-exceeds-developed-countries-state-ministe