Achievement of economic growth in first quarter will be better: ministry
The indicators are consistent with our assessment that the first quarter of 2022 will be (much better) compared to the previous quarter
Jakarta (ANTARA) – The achievement of economic growth in the first quarter of 2022 would be better than the previous quarter, as various sectors showed increased recovery, according to the Ministry of Finance.
“The indicators are consistent with our assessment that the first quarter of 2022 will be (much better) compared to the previous quarter,” said the head of the Ministry of Finance’s Fiscal Policy Agency, Febrio Kacaribu, during updates. Indonesia’s macroeconomic day 2022 here, Monday. .
Kacaribu noted that one of the indicators of a better recovery in the first quarter was the increase in people’s mobility, thus rejuvenating the economy.
Google’s Mobility Index recorded that people’s mobility increased by 6.7% in Q1 2022, better than Q1 2021, which was pegged at minus 6.13%; and the second quarter of 2021, which was capped at minus 6.13%.
Additionally, leading economic indicators, such as the Consumer Confidence Index (IKK) in February 2022, stood at an encouraging level of 113, implying good consumer activity.
The retail sales index also continued to rise to 14.5% in February 2022, in line with the optimism and mobility of the population.
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Electricity consumption by industries and businesses is also high, standing at 14.1% (year-on-year) and 9.3% (year-on-year) respectively in February 2022, indicating that the activity trade is still strong.
On the other hand, Indonesia’s Manufacturing Purchasing Managers’ Index rose to 51.3 in March 2022 as business confidence improved following the easing of restrictions amid the expansion rate of the economy. Global Manufacturing Purchasing Managers Index, which fell sharply due to global issues.
The trade balance in February 2022 recorded a surplus of $3.83 billion due to export performance which increased by 34.14% (year-on-year), supported by an improvement in major non-oil and gas exports .
Imports in February 2022 also increased by 25.43% (year-on-year), led by inputs, namely raw materials and capital goods, indicating that production activities have accelerated.
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