Indonesian manufacturing sector remains expansive amid global slowdown, says minister

JAKARTA (Bernama-ANTARA): The manufacturing sector of Indonesia has stayed at an expansive level despite global manufacturing activities witnessing a slowdown, according to Coordinating Minister for Economic Affairs Airlangga Hartarto, reported ANTARA news agency.

"The score of Indonesia's manufacturing PMI (Purchasing Managers' Index) still stands above 52.9, which is better than that of China (51.4) and Malaysia (49.0)," he remarked during an economic seminar in Jakarta on Saturday.

He noted that the positive trend being experienced by Indonesia is coupled with the country's economic growth that is recorded at a preferred rate of 5.11 percent year-on-year (yoy) in the first quarter of 2024, surpassing the 5.03 per cent yoy registered in the previous quarter.

"The rate of 5.11 per cent is relatively high. We reached this figure owing to Eid al-Fitr and General Elections. It is safe to say that the elections led to an increase in domestic consumption," he elaborated.

Hartarto then drew attention to another positive development for Indonesia's economy, saying that the number of working residents this year had increased by 3.5 million to 142.18 million.

Meanwhile, the number of unemployed residents stands at 7.2 million, a decline by 800 thousand as compared to the figure registered at the end of 2023, he pointed out.

"Formal workers account for 40.8 per cent (of the total working residents), higher than that recorded in February 2023," he stated.

The minister, however, underlined that simmering global geopolitical tensions had yet to signal any kind of relaxation.

"We are still witnessing the ongoing war in Ukraine and conflicts in the Middle East involving Palestinian Hamas, Israel, and also Iran," he remarked.

He then observed that the economic growth of European countries had remained stuck at a relatively low level in the current post-COVID-19 transitional period.

"France is about to hold an election, while Germany's economy is not at a normal state. These are the things that we should be aware of," he concluded. - Bernama-ANTARA

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