BPS: Riau's economy rose 3.52 percent yoy in Q4 2024

Riau Province's economy grew by 3.52 percent year-on-year (yoy) and 0.16 percent quarter-to-quarter (qtq) in the fourth quarter (Q4) of 2024. Riau Province Statistics Indonesia (BPS) Head Asep Riyadi, said that the Riau's gross domestic product (GDP) in Q4 2024 was Rp289.25 trillion (ADHB) and IDR145.76 trillion (ADHK). This increased compared to the Riau Province's GRDP in Q4-2023 of IDR264.22 trillion (ADHB) and IDR140.81 trillion (ADHK).

He further explained that non-oil and gas elements of Riau's economy grew by 3.9 percent yoy in the Q4 2024, an increase of 0.22 percentage points compared to the third quarter (Q3) of 2024.

"So, the difference [between overall economic growth and the growth rate that omits oil and gas sector performance] is about 0.38 percentage points. That means oil and gas development in Riau has contracted," Asep elaborated.

Riau's GDP without oil and gas performance based on current prices was Rp247.69 trillion in Q4 2024, and Rp128.92 trillion based on the 2010 constant price, up from Rp220.32 trillion of GDP without oil and gas performance in Q3 2024, and Rp124.08 trillion based on the 2010 constant price.

"Riau's economy in Q42024 was ranked second outside Java and sixth nationally," said Asep.