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Nusa Tenggara Timur Province's economy in the third quarter of 2024 grew by 3.66 percent

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Release Date	:	November 14, 2024
File Size	:	1.48 MB

Abstract

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

NTT's economy in the third quarter of 2024 grew by 3.66 percent compared to the same period in 2023 (y-on-y). In terms of the business field, the highest economic growth was achieved by the business field of providing accommodation and food and drink, namely 13.56 percent. Meanwhile, in terms of expenditure, the Consumption Expenditure Component of Non-Profit Institutions Serving Households (PK-LNPRT) experienced the highest growth, namely 11.06 percent.

When compared with the previous quarter (q-to-q), the NTT economy in the third quarter of 2024 experienced a contraction of 1.34 percent. In terms of the business sector, the highest growth occurred in the electricity and gas procurement business sector at 8.65 percent. Meanwhile, in terms of expenditure, the Gross Fixed Capital Formation (PMTB) component experienced the highest growth of 1.72 percent.

NTT's economy in quarters I–III 2024 grew by 4.02 percent (c-to-c). In terms of the business sector, the highest economic growth was achieved by the business sector providing accommodation and food and drink at 11.54 percent. Meanwhile, in terms of expenditure, the Consumption Expenditure Component of Non-Profit Institutions Serving Households (PK-LNPRT) experienced the highest growth, namely 13.19 percent.

NTT's economic structure in the third quarter of 2024 is still dominated by agriculture, forestry and fisheries with a contribution of 28.76 percent. Meanwhile, the expenditure side is still dominated by the Household Consumption Expenditure Component, namely 66.23 percent.

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