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East Nusa Tenggara's economy in 2023 will grow by 3.52 percent

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Release Date	:	February 5, 2024
File Size	:	1.82 MB

Abstract

The economy of East Nusa Tenggara (NTT) based on the Gross Regional Domestic Product (GRDP) at current prices in 2023 reached IDR 128.52 trillion and at constant prices in 2010 it reached IDR 75.26 trillion.
NTT's economy in 2023 will grow by 3.52 percent (c-to-c). From a business perspective, the highest economic growth was achieved by the Electricity and Gas Procurement sector, namely 12.15 percent. Meanwhile, from the expenditure side, the Goods and Services Export Component experienced the highest growth of 20.09 percent.
NTT's economy in the fourth quarter of 2023 grew by 4.14 percent compared to the same period in 2022 (y-on-y). In terms of the business sector, the highest economic growth was achieved by the Electricity and Gas Procurement sector, namely 16.39 percent. Meanwhile, in terms of expenditure, the Goods and Services Export Component experienced the highest growth, namely 50.99 percent.
When compared with the previous quarter (q-to-q), the NTT economy in quarter IV-2023 experienced growth of 4.63 percent. From a business perspective, the highest growth occurred in the Government Administration, Defense and Mandatory Social Security business sector at 15.66 percent. Meanwhile, in terms of expenditure, the Government Consumption Expenditure Component experienced the highest growth of 42.50 percent.
NTT's economic structure in 2023 will still be dominated by agriculture, forestry and fisheries with a contribution of 29.32 percent. Meanwhile, the expenditure side is still dominated by household consumption expenditure, namely 67.48 percent.

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