Sumatera Utara's economy in 2023 will grow by 5.01 percent (c-to-c)

Release Date	:	February 5, 2024
File Size	:	1.63 MB

Abstract

The economy of North Sumatra based on the size of the Gross Regional Domestic Product (GRDP) in the fourth quarter of 2023 at current prices reached IDR 271.39 trillion and at constant prices in 2010 it reached IDR 153.72 trillion.
North Sumatra's economy in 2023 will grow by 5.01 percent, higher than the achievement in 2022 which will grow by 4.73 percent. In terms of production, the highest growth occurred in the Transportation and Warehousing Business Field at 13.12 percent. In terms of expenditure, the highest growth was in the Consumption Expenditure Component of Nonprofit Institutions Serving Households (PK-LNPRT) at 9.27 percent.
North Sumatra's economy in quarter IV-2023 versus quarter IV-2022 experienced growth of 5.02 percent (y-on-y). In terms of production, the Transportation and Warehousing Business Field experienced the highest growth of 11.38 percent. Meanwhile, in terms of expenditure, the PK-LNPRT component experienced the highest growth of 13.04 percent.
North Sumatra's economy in quarter IV-2023 to quarter III-2023 experienced growth of 0.53 percent (q-to-q). In terms of production, the highest growth was in the Government Administration, Defense and Mandatory Social Security Business Field at 4.98 percent. From the expenditure side, the Government Consumption Expenditure Component was the component with the highest growth at 10.01 percent.
The economic structure on the island of Sumatra spatially in 2023 is dominated by several large provinces. The big three include, North Sumatra Province contributing 23.25 percent; Riau Province at 22.71 percent; and South Sumatra Province contributed 13.92 percent. Meanwhile, the lowest contribution was Bengkulu Province with a contribution of 2.14 percent.

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