Indonesia's Q1 2024 Economic Growth at 5.11%: Highest Since 2019
According to the latest statistics released by the Indonesian Central Statistics Agency, Indonesia's economic growth rate reached 5.11% in the first quarter of 2024, an increase from 5.04% in the fourth quarter of 2023. Statistics reveal that since 2019, Indonesia's first-quarter economic growth has not reached such a peak, when the year-on-year growth rate was 5.07%. The chief representative of the Central Statistics Agency, Amalia, mentioned that the economic expansion in the first quarter of this year was driven by the two pillars of consumption and investment, contributing 2.6
Indonesian Government Plans to Realize Foreign Investment in New Capital This Year
Chinese Electric Vehicle Brands Shine in Indonesia Market
BYD Invests 16 Trillion Rupiah to Build Factory in West Java, Indonesia
BYD Indonesia Factory Location Confirmed
Indonesia Expected to Achieve 5.2% Economic Growth in Q1
The Coordinating Minister for Economic Affairs is optimistic that Indonesia's economic growth in the first quarter of 2024 will exceed 5%. He stated that Indonesia's economic target for 2024 is 5.2% growth. The target for this year so far is 5.2%. Of course, the government hopes that the figure for Q1 2024 will be quite good, but it is awaiting the official results from the Central Statistics Agency (BPS). It is expected that Q1 economic growth will surpass 5%. He emphasized that Indonesia's economic fundamentals are relatively solid. Meanwhile, the rupiah exchange rate has depreciated by 5.16% year-to-date to IDR 16,235 per USD.
Indonesia's plan to raise VAT to 12% has not yet been confirmed for implementation next year
The government will discuss the policy plan to increase Value Added Tax (VAT) to 12%. It has not yet been decided whether this policy will be implemented in 2025. On Wednesday (April 23, 2024), the Coordinating Minister for Economic Affairs stated that this issue will only be discussed within the framework of the State Budget (APBN). Currently, President Joko Widodo's government is discussing the 2025 Government Work Plan (RKP), which will serve as a reference for the government and parliament when discussing the draft 2025 State Revenue and Expenditure Budget (RAPBN). The increase of VAT to 12% is a mandate of the HPP Law passed by President Joko Widodo in October 2021, which requires VAT to be raised to 11% in April 2022 and further increased to 12% no later than January 1, 2025.
Indonesian business circles hope the next government will promote steel industry development
The Central Executive Board of the Indonesian Young Entrepreneurs Association (BPP HIPMI) has revealed the issues that must be addressed by the government under President Prabowo Subianto for the 2024-2029 term. The Constitutional Court (MK) has just decided to reject the lawsuits from the Anies-Muhaimin and Ganjar-Mahfud candidates, and has determined that the 2024-2029 Indonesian presidential and vice-presidential candidates are Prabowo-Gibran. The Secretary General of BPP HIPMI revealed that there is an issue that will become the focus of the downstream and industrialization sectors, particularly steel commodities which are regarded as the "backbone" of domestic development.
Tokopedia Management Fees Officially Increase from May 1st
Starting May 1, 2024, Tokopedia will increase the service fees or management fees charged to partner merchants. After Tokopedia raises the service fees or e-commerce management fees for seller partners, MSME merchants need to recalculate their profit margins. Considering that starting May 1, 2024, the e-commerce platform will increase service fees to between 2% and 6.5%. In fact, the policy of increasing service fees is the prerogative of each platform. However, MSMEs need to be more careful when recalculating their profit margins after this increase. The expert on finance and MSME development from the State-Owned Enterprises Ministry (BUMN) stated that
China Plans to Import 129.6 Trillion Rupiah Worth of Durian from Indonesia
China is one of the world's largest importers of durian fruit. Coordinating Minister for Maritime and Investment Affairs Luhut stated that China imports durian worth US$8 billion, equivalent to approximately 129.6 trillion rupiah per year. Since China imports large quantities of durian, this presents a clear opportunity for Indonesia. Therefore, Luhut has called for increasing Indonesia's durian production. He noted that there is durian-growing land in Central Sulawesi, and currently, around 2,000 hectares have been discovered in West Fakfak (Papua). Luhut urged all durian-producing regions to actively export durian to China. If Central Sulawesi can export US$500 million worth of durian, many
Chinese-funded enterprises invest 143.5 trillion rupiah to build nickel smelters
PT Vale Indonesia (ValeIndonesia/INCO) disclosed the amount of investment required to build three smelters or nickel ore processing facilities, with a total investment of approximately US$8.6 billion to US$9 billion, equivalent to 143.5 trillion rupiah. A senior public relations manager of PT Vale Indonesia recently stated that the downstream processing industry must accelerate development, and both parties have reached an agreement, which is why all three smelter construction projects that have been announced, totaling US$8.6 billion or about US$9 billion, must be implemented simultaneously. The three projects include: (1) Will cooperate with Zhejiang
