Indonesia’s manufacturing industry likely to grow by 5.8% in 2024
The performance of Indonesia's manufacturing industry is predicted to grow by 5.8% in 2024 amidst the challenge of global geoeconomic and geopolitical impacts, according to Minister of Industry Agus Gumiwang Kartasasmita.
Jakarta (VNA) - The performance of Indonesia's manufacturing industry is predicted to grow by 5.8% in 2024 amidst the challenge of global geoeconomic and geopolitical impacts, according to Minister of Industry Agus Gumiwang Kartasasmita.
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 the third quarter of 2023, he said.
In the same period, the manufacturing industry’s growth reached 5.02%, which may exceed the national economic growth, at 4.94 %, Agus added.
The 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 171.23 billion USD, the minister said.
According to a report by safeglobal.com, Indonesia is among the top 10 manufacturing countries in 2023, accounting for 1.4% of the global manufacturing output. It is also the only ASEAN nation named in the list./.
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Illustrative image (Photo: //business-indonesia.org/) 
