Bank Indonesia (BI) has observed an indication of improved business activity performance in the first quarter of 2024 compared to the previous quarter, in line with the increased public demand during the 2024 General Election period and Ramadan. This is reflected in the results of Bank Indonesia’s Business Activity Survey (SKDU), where the Net Weighted Balance (SBT) for the first quarter of 2024 recorded at 14.11%, higher than the SBT in the fourth quarter of 2023 which was 13.17%. Assistant Governor and Head of Communication Department at Bank Indonesia (BI), Erwin Haryono, stated that the performance of all business sectors (LU) recorded positive growth, with increases mainly occurring in the Agriculture, Forestry, and Fisheries sectors. This development aligns with the onset of harvest season and seasonal factors in food crops, horticulture, plantations, and livestock.
“The performance of the manufacturing industry, as well as wholesale and retail trade and motor vehicle repair businesses, recorded positive growth in line with increased public demand during the 2024 General Election period and Ramadan,” he said in an official statement on Monday (22/4/2024). Erwin explained that the capacity utilization rate in the first quarter of 2024 was recorded at 73.61%, remaining strong albeit slightly lower than the previous quarter, which was 73.91%.
This, he added, was mainly supported by the Agriculture, Forestry, and Fisheries sectors as well as the manufacturing industry. Furthermore, Erwin stated that labor utilization remained robust and was in an expansionary phase. Along with this, the overall financial condition of the business world also remained good, particularly in terms of liquidity and profitability, although slightly lower than the previous quarter, with easier access to credit.
