Arnoldus Kristianus, Jakarta – Based on the latest data from the Central Statistics Agency (BPS) via the National Labor Force Survey (Sakernas), Indonesia's unemployment number decreased by 9.89 percent in February 2024 compared to the same period last year.

The BPS reported that the workforce in February 2024 reached 149.38 million people, marking an increase of 2.76 million people compared to February 2023.

According to Amalia Adininggar Widyasanti, Acting Head of BPS, the number of employed individuals in February 2024 reached 142.18 million, reflecting an increase of 3.55 million people compared to February of the previous year.

"Despite the total workforce, not all are absorbed into the labor market. Therefore, there are still 7.20 million unemployed individuals. However, compared to February last year, this number has decreased by 0.79 million people or 9.89 percent," said Amalia on Monday.

In February 2024, 58.05 million people, or 40.83 percent were employed in formal jobs. This figure increased by 0.95 percentage points compared to February of the previous year.

"As for the open unemployment rate (TPT), it was 4.82 percent, a decrease of 0.63 percentage points compared to February 2023," explained Amalia.

Meanwhile, the percentage of underemployed increased by 1.61 percentage points. However, part-time workers decreased by 0.73 percentage points. The number of commuter workers in February 2024 reached 7.13 million people, down by 0.05 million people compared to February 2023.

Indonesia's economic growth in the first quarter of 2024 reached 5.11 percent year on year (yoy), slightly below the Finance Ministry projection of around 5.17 percent. Compared to the fourth quarter of 2023, Indonesia's economy contracted by 0.83 percent.

Amalia explained that the economic growth in the first quarter of 2024 was mainly supported by increased production, rising public mobility, increased investment realization, sustained purchasing power, and policy responses to drive growth.

"The economies of several main trading partner countries of Indonesia also grew amid stable global economic growth," said Amalia on Monday.

Household consumption was the main contributor to gross domestic product (GDP) with a growth of 4.91 percent, contributing 54.93 percent to GDP.

Source: https://jakartaglobe.id/business/unemployment-declines-by-989-percent-in-february-2024-bps-dat