The Central Statistics Agency of Bali Province reported that Bali’s economy in the third quarter of 2024 grew by 5.43% year-on-year (yoy), an increase compared to a growth of 5.36% yoy in the previous quarter.
One of the factors that affects this growth is the contribution of tourism from the neighboring province, NTB, in Bali. This achievement puts Bali in sixth place among 34 provinces in Indonesia, with a higher growth rate compared to the average national economic growth recorded at 4.95% yoy.
Head of Bank Indonesia (BI) Representative for Bali Province, Erwin Soeriadimadja, said that Bali’s positive economic growth reflects the resilience and potential of the regional economy in facing global and domestic challenges.
Erwin explained that in terms of spending, Bali’s economic growth was driven by increased consumption in all sectors. Household consumption has increased significantly, driven by high tourism activity and the celebration of national religious holidays such as Galungan and Kuningan.
In addition, government consumption and non-profit institutions serving households (LNPRT) also showed positive growth, especially ahead of the 2024 Simultaneous Regional Elections and religious activities. Meanwhile, investment experienced limited growth, especially in the construction sector, due to the low realization of new investment projects.
In the business sector, the accommodation, food, and beverage sectors recorded a significant increase. Erwin also noted impressive growth in the financial services, insurance, and electricity and gas procurement sectors.
Erwin proposes to strengthen household consumption by encouraging domestic tourists, especially by promoting lesser-known tourist destinations in North Bali, in order to expand economic contributions to less developed regions.
In addition, strengthening access for MSMEs in the tourism sector through training and financing support is expected to absorb more local workers and increase their contribution to household consumption.
Furthermore, Erwin encouraged the Bali Provincial Government to optimize investment by accelerating infrastructure projects to improve accessibility to the northern region of Bali.
The expansion of Bali’s exports of leading commodities such as fishery products, creative products, and agricultural products to new international markets is also considered important to accelerate economic growth.
Another indication of Bali’s economic growth can be seen in the decline in the Open Unemployment Rate, which was recorded at 1.79% in August 2024, a significant decrease compared to the TPT in August 2023 which reached 2.69%.
Open Unemployment Rate in urban areas in August 2024 was recorded slightly higher than in rural areas. Nationally, Bali has a much lower Open Unemployment Rate compared to the national average and occupies the second lowest position in Indonesia.
