The economy of East Nusa Tenggara in Q3 2024 grew by 3.66 percent

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The economy of East Nusa Tenggara in Q3 2024 grew by 3.66 percent

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Release Date	:	November 8, 2024
File Size	:	1.48 MB

Abstract

The economy of East Nusa Tenggara (NTT), based on Gross Regional Domestic Product (GRDP) at current prices in Q3 2024, reached IDR 34.41 trillion, and at constant 2010 prices, it reached IDR 19.52 trillion.

In Q3 2024, the NTT economy grew by 3.66 percent compared to the same period in 2023 (y-on-y). By industry, the highest economic growth was achieved in the accommodation and food service sector, with a growth rate of 13.56 percent. On the expenditure side, the highest growth was recorded in the Household Consumption Expenditure by Non-Profit Institutions Serving Households (NPISH), with a growth of 11.06 percent.

Compared to the previous quarter (q-to-q), the NTT economy contracted by 1.34 percent in Q3 2024. By industry, the highest growth was in the electricity and gas supply sector, with an increase of 8.65 percent. On the expenditure side, the highest growth occurred in the Gross Fixed Capital Formation (GFCF) component, which grew by 1.72 percent.

For the period of Q1–Q3 2024, the NTT economy grew by 4.02 percent (c-to-c). By industry, the highest growth was recorded in the accommodation and food service sector, with an increase of 11.54 percent. On the expenditure side, the highest growth was seen in Household Consumption Expenditure by Non-Profit Institutions Serving Households (NPISH), which grew by 13.19 percent.

The economic structure of NTT in Q3 2024 is still dominated by the agriculture, forestry, and fisheries sector, which contributed 28.76 percent. On the expenditure side, the dominant component remains Household Consumption Expenditure, which accounted for 66.23 percent."

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