ECONOMIC REVIEW

NATIONAL ECONOMIC ANALYSIS

GROSS DOMESTIC PRODUCT (GDP)

2021 was an important period in accelerating the national economic recovery from the impact of the COVID-19 pandemic, as well as being a momentum time to continue and establish policy reforms to prepare a solid foundation to carry out economic transformation towards becoming a developed country.

Based on data from the Central Statistics Agency, in 2021 the Indonesian economy grew by 3.69% (Cumulative to Cumulative/ CtC), reversing from the growth in 2020 that saw a contraction of 2.07%. In terms of production, the highest growth occurred in health services and social activities at 10.46%. In terms of expenditure, the highest growth was achieved by the exports of goods and services at 24.04%.

For the national economy in 2021, Java Island contributed the largest proportion with 57.89% or a growth of 3.66%, followed by Sumatra with 21.70% or a growth of 3.18%, Kalimantan with 8.25% or a growth of 3.18%, Sulawesi with 6.89% or a growth of 5.67%, then Maluku and Papua with 2.49% or a growth of 10.09%.

In the “Indonesia Economic Prospects (IEP), December 2021: Green Horizon, Toward a High Growth and Low Carbon Economy” Publication by the World Bank on December 16, 2021, it stated that the Indonesian economy was likely to continue to recover in 2021, despite the slowdown due to the COVID-19 Delta wave between June and August 2021. After experiencing growth of 7.07% (Year on Year/YoY) in the second quarter, growth slowed in the third quarter to 3.51% (YoY). However, after successfully