2Q22 GDP growth at 5.44%, more growth prospect in 2H22
Friday, August 05, 2022       10:58 WIB

GDP grew by 5.44% yoy in 2Q22 (5.01% yoy in 1Q22),supported by higher private consumption at 5.5% yoy (+4.3% yoy 1Q22) and net-export contribution at 2.14% (+0.8% in 1Q22). The GDP number was higher than cons/ours expectation at 5.17%/5.24%.
On sector breakdown, domestic oriented sector continues to progress such as: hotels & restaurants and transportation that grew by 9.7% and 21.2% yoy in 2Q22 (+6.6% and +15.8% yoy in 1Q22)aligned with higher people mobility.
We see economic activity to increase to c.5.1% in 2H22 (vs. 4.3% in 2H21), of which coming from more private consumption at c.6.3% yoy (+2.4% yoy in 2H21)as schools implements full physical face-to-face learning. We estimate the impact of the physical learning to be at around 2% in real term/quarter to private consumption, as around 66mn people at the age of 5 - 19y (roughly 25% of the nation's population) will be engaging on more economic activity. (Indo Premier Research)





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