Overview of Jakarta’s Economic Performance in Q3 2024
In Q3 2024, Jakarta’s economy grew by 4.93% year-on-year (y-on-y), with significant contributions from the wholesale and retail trade sectors, as well as motor vehicle and motorcycle repairs. Jakarta continues to be the primary driver of the national economy, contributing 16.55% to the national Gross Domestic Product (GDP).
Economic Growth and Key Sectors
According to data from the Jakarta Central Statistics Agency (BPS), the Gross Regional Domestic Product (GRDP) in Q3 2024 reached IDR 920.33 trillion at current prices (ADHB) and IDR 536.59 trillion at constant 2010 prices (ADHK). The annual economic growth of 4.93% was supported by the following sectors:
- Wholesale and Retail Trade, Motor Vehicle and Motorcycle Repair: Grew by 7.99%, being the primary contributor with an 18.22% share in the economic structure.
- Construction: Experienced strong growth of 5.65% (y-on-y) and 3.61% (q-to-q), driven by increased infrastructure development activities.
- Accommodation and Food Service: Grew by 7.31%, reflecting an increase in household consumption. From the expenditure side, the highest growth was achieved by the export of goods and services component at 13.40% (y-on-y), indicating positive foreign trade performance.
Growth of GRDP by Some Business Fields (y-on-y) (percent)
Source: Jakarta Provincial Statistics Agency (Q3 2024 Report).
Contribution to the National Economy
As a business and financial center, Jakarta makes a significant contribution to the national economy. With the dominance of the service and trade sectors, Jakarta plays a strategic role in maintaining Indonesia’s economic stability. Jakarta continues to be the primary driver of the national economy, contributing 16.55% to the national GDP.
APBN 2025 Policy for Jakarta
To support economic growth, the 2025 State Budget (APBN) allocation for Jakarta reaches IDR 760.20 trillion, an increase of 26.03% compared to the previous year. This allocation includes:
- Transfers to Regions (TKD): IDR 27.53 trillion, up 41.76%, to support infrastructure development and public services.
Policy Focus:
- Improving the quality of human resources, including eradicating extreme poverty and reducing stunting rates.
- Accelerating green economic transformation through industrial revitalization and natural resource utilization.
- Delivering more targeted subsidies and social assistance by improving data accuracy and program coordination.
- Strengthening central and regional cooperation for effective fiscal policies.
- Increasing efficiency and effectiveness of state expenditure to support economic growth and equitable development.
Opportunities
Jakarta has opportunities through:
- Infrastructure Investment: The growth of the construction sector reflects an increase in strategic infrastructure investments.
- Digitalization and Green Economy: Digital transformation and a focus on the green economy provide opportunities for developing new sustainable sectors.
- Urbanization and Household Consumption: Household consumption expenditure remains dominant, contributing 62.83% to GRDP.
Thus, the “Overview of Jakarta’s Economic Performance in Q3 2024” shows stable growth and significant contributions to the national economy.
Hopefully, this is beneficial!
Best regards,
Penilaian.id by Asti Widyahari
Property Valuer & Advisor
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Asti Widyahari is an experienced property valuer and advisor based in Jakarta, Indonesia, with extensive expertise in property valuation and property consultancy. She is the founder of Penilaian.id and CekNilai.id. Asti is also an active speaker at international conferences, promoting the property valuation profession and professional development in the sector.
Tentang Asti Widyahari
Asti Widyahari adalah Penilai dan Advisor Properti berpengalaman yang berbasis di Jakarta, Indonesia, dengan keahlian dalam penilaian properti dan konsultasi properti. Ia adalah pendiri Penilaian.id dan CekNilai.id. Asti juga aktif sebagai pembicara di konferensi internasional, mempromosikan profesi Penilai dan pengembangan profesional di sektor ini.