Indonesia’s official data from the Statistics Bureau revealed that the country’s GDP in Q2 2024 grew by 5.05% year-over-year, slightly lower than the 5.11% growth in Q1 2024.
According to the Central Bank of Indonesia, the country’s growth in Q2 2024 was supported by increased household consumption and investment. Household consumption, which accounts for half of Indonesia’s economy, rose by 4.93% due to growth in the transportation and hotel industries.
Meanwhile, exports surged by 8.28% year-over-year, attributed to the increase in foreign tourist arrivals in Indonesia.
For Q3 and Q4 of this year, the Bank of Indonesia predicted last month that economic growth would be supported by plans to increase fiscal stimulus from 2.3% to 2.7% of GDP, along with rising exports due to stronger demand from Indonesia’s main trading partners.
“Indonesia is expected to maintain solid domestic growth, targeting a GDP growth rate of 5% for the full year 2024,” said Hosianna Situmorang, an economist at Danamon Bank. She added, “With expectations of global interest rate cuts, especially the expectation of a more dovish Fed, Indonesia’s economic outlook for 2025 looks promising.”
Earlier, according to a preliminary estimate by Singapore’s Ministry of Trade and Industry (MTI) on July 12, the country’s Gross Domestic Product (GDP) in Q2 2024 grew by 2.9% year-over-year, slightly lower than the 3% growth in the first quarter of 2024.
Singapore’s economic growth was supported by a recovery in the manufacturing sector. Specifically, after a 1.7% decline in the first quarter of 2024, the sector recorded a growth rate of 0.5% in Q2 2024. Additionally, the construction sector and the goods production industry also recorded growth rates of 4.3% and 1.3%, respectively.
According to the latest report from the General Statistics Office on the socio-economic situation, Vietnam’s Gross Domestic Product (GDP) in Q2 2024 is estimated to have grown by 6.93% year-over-year, slightly lower than the growth rate of 7.99% in Q2 2022 during the 2020-2024 period.
Agriculture, forestry, and fisheries grew by 3.34%, contributing 5.36% to the increase in total added value of the entire economy; the industry and construction sector grew by 8.29%, contributing 45.73%; and the service sector grew by 7.06%, contributing 48.91%.
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TPHCM’s economy may grow by 6-7.12% in Q1/2024.
With a favorable scenario in the first quarter of 2024, Ho Chi Minh City is expected to experience a growth rate of 6-7.12%.
