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Bank Indonesia (BI) stated that strong investment, household consumption, and growing tourism sector were the main pillars of Bali's economic growth, which reached 5.48 percent year-on-year in 2024. BI Bali Province Representative Office Head Erwin Soeriadimadja explained that the achievement placed Bali in 10th place out of 38 provinces in Indonesia for economic growth.
"Bali's economy as a whole grew 5.48 percent [yoy] in 2024, higher than the national economic [growth rate] of 5.03 percent [yoy]," he said in an official statement quoted on Feb. 9, 2025.
Erwin said that Bali's continued strong growth was an important indicator of the region's economic resilience and potential in facing global and domestic challenges.
BI noted that investment to Bali rose 4.19 percent yoy, in line with the acceleration of construction for strategic projects in the province. Meanwhile, exports, especially in service exports, increased alongside the growth in the number of foreign tourists by 17.65 percent yoy.
Household consumption and local government expenditures grew strongly in 2024, although slowing down compared to 2023. Strong household consumption was driven by the Christmas 2024 and New Year's 2025 holiday activities. Expenditures by the provincial government and household-serving non-profit institutions also continued to grow strongly amid the 2024 simultaneous regional elections.
"In terms of business fields, there are three with the highest growth, namely the accommodation, food, and beverage business field, then the electricity and gas procurement business field, and the industrial manufacturing business field. accommodation, food, and beverage business field [in particular] surged by 10.24 percent [yoy]," explained Erwin.
The accommodation, food, and beverage business field's performance is supported by the high number of foreign tourist visits to Bali. The average room occupancy rate of starred hotels also remained high at 63 percent, which also had a positive impact on the tourism sector and other related sectors.
The electricity and gas procurement business field also recorded notable grow, rising by 9.5 percent yoy. The performance was affected by the continued high growth in electricity consumption in line with increasing tourism activities.
