Jakarta Economy Grows 4.90 Percent in Q2 of 2024

Jakarta Central Statistics Agency (BPS) recorded year-on-year (y-on-y) economic growth in the second quarter of 2024 in Jakarta grew by 4.90 percent. The previous quarter or quarter to quarter (q-to-q) also grew by 1.38 percent.

Jakarta's economy continues to grow

Jakarta Central Statistics Agency (BPS) Head, Nurul Hasanudin, said the economic growth rate in Jakarta remains below the y-on-y  national rate in the second quarter of 2024 by 5.05 percent. However, Jakarta is still the largest contributor to the economy with a share of 16.67 percent.

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"Gross Regional Domestic Product by business sector, financial services and insurance recorded the highest performance, growing by 10.99 percent. Then the provision of accommodation and food and beverages by 7.57 percent and agriculture, forestry and fisheries by 6.98 percent, she said, Tuesday (8/6).

According to Nurul, Jakarta's economy based on the Gross Regional Domestic Product (GRDP) at current prices in the second quarter of 2024 reached Rp 915.88 trillion and at constant 2010 prices reached Rp 535.37 trillion.

Jakarta's economy in the second quarter of 2024 compared to the first quarter on the production side, the financial services business sector met the highest growth by recording an achievement of 4.75 percent (q-to-q).

Based on the expenditure side, the household consumption expenditure (PKRT) component met the highest growth of 3.71 percent (q-to-q).

Meanwhile, the structure of Jakarta's GRDP by business sector based on current prices in the second quarter of 2024 was dominated by wholesale and retail trade and car repair amounted to 17.95 percent. Then the structure of Jakarta's GRDP on a current basis in the second quarter of 2024 did not show any significant changes according to expenditure.

Jakarta's economy is still dominated by the export component of goods and services, recording an achievement of 67.71 percent. The second largest component is household consumption expenditure (PKRT) at 63.19 percent.

This economic growth, Nurul explained, can not be separated from the momentum of religious holidays and school holidays that occur from May to June 2024. The rate of economic growth is predicted to increase along with the economic potential of the Regional Head Election activities that will be held in November 2024.

"There are no indicators of depressed purchasing power, people's purchasing power is fine. Jakarta's economy continues to grow although the condition tends to decline," she stated.