North Sulawesi 2024 GDP growth rate exceeds national average despite dip from 2023

North Sulawesi Province recorded 5.39 percent economic growth in 2024, exceeding the national average of 5.03 percent. The province's gross domestic product (GDP) based on current prices reached Rp187.37 trillion in 2024 based on Statistics Indonesia (BPS) North Sulawesi Province data, while its GDP based on constant 2010 prices reached Rp107.58 trillion.

BPS North Sulawesi Head Aidil Adha stated although North Sulawesi's economic growth rate in 2024 fell from 5.48 percent in   in 2023, the province's economy continued to be in an upward trend. The North Sulawesi economy also grew by 6.45 percent quarter-to-quarter (qtq) in the fourth quarter (Q4) of 2024.

Aidil explained that the North Sulawesi's economic growth coincides with the seasonal pattern, with higher growth usually recorded in Q4 of a year compared to the third quarter (Q3). In addition, important sectors such as plantations, especially the cloves, coconut, cocoa, and patchouli industries, have contributed significantly to the province's economy.

The increase in electricity consumption throughout the year was also an important factor driving the economy. Electricity sales grew by 3.28 percent, mainly driven by the business and industrial segments which saw electricity consumption rise by 6.12 percent and 2.93 percent, respectively.

The government's policy in controlling inflation also had a positive impact, as reflected in the increase in the North Sulawesi people's purchasing power. Retail sales in North Sulawesi were recorded to have grown by 4.35 percent in 2024, while realized consumer loans rose by 7.96 percent in 2024.

In addition, the implementation of simultaneous regional elections in Q4 2024 also contributed to stimulating the local economy through campaign activities, campaign print media production, and various related activities.

Overall, North Sulawesi's economy continues to show solid performance despite a slight decline in growth year-on-year (yoy)  thanks to the success of the province's leading sectors and policies that support people's purchasing power.