Lampung Economy Grows 4.55% in 2023, Highest Post-Pandemic

BPS-Statistics Lampung Province recorded that the economic growth of Lampung Province (c-to-c) during 2023 grew by 4.55 percent when compared to 2022. This figure is the highest economic growth in Lampung Province after the Covid-19 pandemic.

Head of BPS-Statistics Lampung Province, Atas Parlindungan Lubis, said that the economic growth of Lampung Province showed a positive trend year-on-year (yoy). 

"On a (yoy) basis, in the fourth quarter of 2023 against the fourth quarter of 2022, the Lampung economy experienced positive growth of 5.40 percent. This figure began to match the trend of economic growth before the Covid-19 pandemic in 2019," Atas said in an official BPS-Statistics online release in Bandar Lampung, Monday (5/2/2024).

He said that Lampung's economy in 2023 was still dominated by the Agriculture, Industry, and Trade sectors, with contributions of 27.29 percent, 18.01 percent, and 13.98 percent, respectively. These three sectors contributed 59.28 percent to Lampung's total GRDP.

Highest and Lowest Growth

The business fields with the highest growth in 2023 are Transportation (16.66 percent), Other Services (15.38 percent), and Accommodation and Drinking Food (13.38 percent). This growth was driven by increased community mobility and tourism in Lampung.

Meanwhile, the lowest growth occurred in the Government Administration, Defense, and Compulsory Social Security sector which grew by 0.12 percent, followed by the Water Procurement category by 0.51 percent, then Agriculture, Forestry, and Fisheries 0.55 percent.

Sources of Economic Growth

The highest source of economic growth (c-to-c) was Wholesale and Retail Trade, Car and Motorcycle Repair, which amounted to 1.34 percent.

In terms of expenditure, Lampung's GRDP is still dominated by the Household Consumption expenditure component, with a contribution of 62.34 percent, followed by Exports at 51.79 percent, and PMTB at 32.33 percent. 

These three main driving components of the economy grew positively, with Household Consumption growing 5.15 percent, Exports 5.89 percent, and Gross Fixed Capital Formation (PMTB) 4.14 percent.

Nonprofit Institution (LNPRT) consumption growth was the highest (10.59 percent), but its contribution to economic growth was insignificant (1.72 percent).

Growth in the fourth quarter of 2023

On a quarterly basis, in the fourth quarter of 2023 compared to the fourth quarter of 2022, Lampung's economy was still dominated by the Agriculture sector (24.16 percent), Industry (18.01 percent), and Trade (14.57 percent). The contribution of these three sectors reached 56.74 percent.

"On a yoy basis, the growth of the Trade sector in the fourth quarter of 2023 reached 8.16 percent, the Processing Industry 2.94 percent, and Agriculture contracted by -0.40 percent. This contraction in the Agriculture sector is a trend that occurs every year in the first quarter," he added.