Jakarta Globe is reporting that Bali’s economy continued to expand in Q4 of 2024, recording a year-on-year growth of 5.19 percent, according to data from the Central Statistics Agency’s (BPS) Bali office. While this marked a slight slowdown from the 5.43 percent growth in the previous quarter, Bali’s performance outpaced the national average of 5.02 percent and secured its position as the 10th fastest-growing province among Indonesia’s 38 regions.
Bali’s economy grew 5.48 percent for the full year, exceeding the national growth rate, according to Erwin Soeriadimadja, Head of Bank Indonesia’s Bali office. “This robust growth underscores Bali’s resilience and potential in navigating global and domestic challenges,” he said.
According to Jakarta Globe, Bali’s growth was primarily driven by strong investments and export activity. Investment grew 4.19 percent year-on-year, fueled by the completion of strategic infrastructure projects. Exports, particularly in the services sector, surged on the back of a 17.65 percent increase in international tourist arrivals.
Household consumption remained strong, supported by year-end holiday spending, while government spending was bolstered by preparations for the 2024 regional elections.
On the sectoral front, the accommodation, food, and beverage industry emerged as the top contributor, growing 10.24 percent year-on-year. This was supported by a high hotel occupancy rate of 63 percent and a rebound in international tourism.
Meanwhile, the electricity and gas supply sector grew 9.5 percent, reflecting increased energy demand from the tourism sector. The manufacturing sector expanded by 9.4 percent, driven by rising credit disbursements to small and medium-sized enterprises.
Bank Indonesia projects continued strong growth for Bali in the first quarter of 2025, with momentum fueled by Lunar New Year, Nyepi Holiday, and Eid festivities.
The central bank also outlined key strategies to ensure sustainable and inclusive growth, including strengthening labor-intensive sectors, bolstering inflation control through supply chain efficiency, expanding financing options, and accelerating digital payment adoption, says Jakarta Globe.
“Through sustained collaboration with central and local governments as well as local businesses, Bank Indonesia is committed to fostering a green, resilient, and prosperous economy in Bali. We remain optimistic about Bali’s ability to enhance its economic appeal on both national and global stages,” Erwin said.
Source: Jakarta Globe
Stock image by Bryan Ross from Pixabay
