Indonesia’s economic growth exceeds that of South Korea and Vietnam (Minister)
Indonesia’s economic growth is also driven by household consumption growth in the second quarter of 2021 which reached 5.9% (year-on-year)
Jakarta (ANTARA) – Indonesia’s economy grew 7.07% year-on-year in the second quarter of 2021, overtaking Vietnam and South Korea, said Coordinating Minister of Economic Affairs Airlangga Hartarto.
This second-quarter growth is the highest Indonesia has achieved since the 2008 subprime mortgage crisis, Hartarto noted at the HSBC summit, which can be reached by Wednesday.
Indonesia’s economic growth in the second quarter of 2021 exceeded South Korea’s 5.9 percent growth and Vietnam’s 6.6 percent growth, he said.
The coordinating minister attributed the government’s efforts to stem the spread of COVID-19 as the key factor in accelerating Indonesia’s economic recovery in the second quarter of 2021.
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“Indonesia’s economic growth is also driven by household consumption growth in the second quarter of 2021 which reached 5.9% (year-on-year),” he added.
In addition, Hartarto pointed out that domestic demand has continued to increase since industrial activity picked up with an increase in production capacity.
As a result, investments in the second quarter of 2021 increased 7.54% (year-on-year), he said.
In terms of external factors, global demand has played a role in accelerating the country’s economic recovery, Hartarto said.
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Indonesia’s exports have increased significantly to the point that they have led to a trade surplus in the last 15 months, he explained.
Global demand became the stimulus driving export and import growth of 31.78% (yoy) and 31.22% (yoy), respectively, in the second quarter of 2021, he explained.
Going forward, the government will continue to prioritize its COVID-19 management policy as a prerequisite for economic recovery, he added.
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