According to reporting from Vietnam Plus, Indonesia’s Minister of Industry Agus Gumiwang Kartasasmita is predicting that the country’s manufacturing industry will grow by 5.8-percent in 2024 amidst the challenge of global geoeconomic and geopolitical impacts.
Agus said that the manufacturing industry is playing its role as the backbone of national economic growth, noting that the government has well managed macro management tools to help the sector maintain growth momentum in the future.
The crucial role of the national manufacturing industry is reflected in its contribution, which is classified as the largest to national GDP, with an achievement of 16.83-percent in Q3/ 2023, Agus said, according to Vietnam Plus, adding that in the same period, the manufacturing industry’s growth reached 5.02-percent, which may exceed the national economic growth at 4.94-percent.
The manufacturing industry is also consistently the largest contributor to Indonesia’s export value. In the January-November period, exports of manufactured products still dominated, with a value of more than USD 171.23-billion, the minister said.
According to a report by safeglobal.com, Indonesia was among the top ten manufacturing countries in 2023, accounting for 1.4-percent of the global manufacturing output. It is also the only ASEAN nation named in the list.
Source: Vietnam Plus
Stock photo by Clayton Cardinalli on Unsplash
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