Economic growth in North Sumatra (North Sumatra) in the third Quarter of 2022 compared to the second Quarter of 2022 (q-to-q) grew by 2.24 percent. Meanwhile, on a year-on-year (yoy) basis, Quarter III-2022, compared to Quarter III-2021, grew by 4.97 percent.
Head of North Sumatra’s Central Statistics Agency (BPS), Nurul Hasanudin, said the business field that experienced the highest growth in the third QuarterQuarter (q-to-q) was financial services and insurance, which was 3.65 percent.
Meanwhile, the business fields that play an essential role in the economy of North Sumatra are Agriculture, Forestry, and Fisheries, which grew by 2.53 percent. In addition, wholesale and Retail Trade and Car and Motorcycle Repair grew by 2.62 percent; Processing Industry grew by 1.97 percent, and Construction by 3.23 percent.
“The structure of North Sumatra’s GRDP according to the business sector, based on current prices in the third Quarter of 2022, does not show significant changes. North Sumatra’s economy is still dominated by Agriculture, Forestry, and Fishery Business Fields at 23.11%; Processing Industry at 18.90%; Wholesale-Retail Trade, Car and Motorcycle Repair at 19.19%; and Construction at 13.27%. The role of the four business fields in the economy of North Sumatra reaches 74.47%,” he said Monday (7/11).
Meanwhile, the economy of North Sumatra in the third Quarter of 2022 (y-on-y) experienced a growth of 4.97 percent, where the business field that experienced the highest growth was Transportation and Warehousing at 16.28 percent.
The business fields that have an essential role in the economy of North Sumatra are still the Agriculture, Forestry, and Fisheries business fields which grew by 5.08%; the Processing Industry by 2.66%; Wholesale and Retail Trade, and Car and Motorcycle Repair by 6.79%; and Construction 2.82%.
“All business fields experienced positive growth, except for the Government Administration, Defense, and Compulsory Social Security business fields. In addition, business Fields significantly affected by the Covid-19 pandemic also grew positively, such as the Provision of Accommodation and Food and Drank, which grew 8.04%; Information and Communication grew 7.62%; and Health Services and Social Activities grew 2.80%,” said.
Nurul Hasanudin said that North Sumatra’s economy until the third Quarter of 2022 (c-to-c) grew by 4.54 percent. The business field that experienced the highest growth was Transportation and Warehousing by 11.53 percent.
Business fields that have an essential role in the economy of North Sumatra are Agriculture, Forestry, and Fisheries, which grew by 5.11 percent; Processing Industry by 1.80 percent; Wholesale and Retail Trade, and Car and Motorcycle Repair by 6.44 percent; and Construction by 2.71 percent.
“The Covid-19 pandemic in previous years had a significant impact on several business fields. However, as the economic recovery is still ongoing, economic growth on a c-to-c basis starting in 2022 has grown positively,” he said.
The business fields that grew positively included the Provision of Accommodation and Food and Drink, which grew to 6.26%; Transportation and Warehousing by 11.53%; Health Services and Social Activities grew by 6.08%; and Information and Communication, which increased to 7.53%.
Meanwhile, North Sumatra’s economic growth based on expenditure in the III-2022 QuarterQuarter (q-to-q) occurred in all expenditure components, except for the Household Consumption Expenditure Component (PK-RT) and the PKP Component which experienced contractions of 0.22 and 6 .54 percent.
The highest growth occurred in the Goods and Services Export Component at 11.22%, followed by the Consumption Expenditure Component of Nonprofit Institutions Serving Households (PK-LNPRT) at 2.23%; and Gross Fixed Capital Formation (PMTB) at 1.94%. Meanwhile, the Component of Imported Goods and Services, a reducing component in GRDP, grew by 8.18%.
“The structure of North Sumatra’s GRDP according to expenditure based on current prices for the Third Quarter of 2022 does not show significant changes. The PK-RT Component still dominates North Sumatra’s economy at 50.09%; the Goods and Services Export Component at 44.11%; the PMTB component at 29.09%; the PK-P component at 5.89%; the Inventory Change Component at 1.87%; and PK-LNPRT Component 0.86%. Meanwhile, the components of imports of goods and services as a deducting factor in GRDP have a role of 31.92%,” he said.
