Getting to Know More about Economic Growth Figures

Since it was released in early August by the Central Statistics Agency (BPS) of Jambi Province, the economic growth rate has continued to be a hot topic of discussion. This is because Jambi's economic growth in the second quarter of 2022 increased by 5.41 percent on an annual basis (y-on-y) and 4.77 percent on a quarterly basis (q-to-q). This figure is a good sign that Jambi's economy has started to recover since it was affected by the Covid-19 pandemic. As one of the macroeconomic indicators, the economic growth rate is often used to describe the economic development of a region. BPS routinely calculates this figure, both quarterly and annually. Despite being an important indicator of the economy, there are still many people who are unfamiliar with this figure. Knowing further, the economic growth rate is a percentage of the value of the Gross Regional Domestic Product (GRDP) produced by a region. By BPS, the GRDP figure is calculated using 2 (two) approaches, namely the Production Approach and the Expenditure Approach. Although using two approaches, conceptually these two approaches will produce the same number. In supporting the calculation of GRDP figures, BPS collects data from various sources, be it households, business actors, as well as related agencies and OPDs. For data collection, several survey activities were carried out, one of which was the Special Quarterly Production Balance Survey (SKTNP) with business actors as respondents. This survey was conducted to support the calculation of GRDP according to the production approach.

As for GRDP according to the Expenditure Approach, BPS collects data through the Special Survey for Household Consumption (SKKRT) and the Special Survey for Household Non-Profit Institutions (SKLNPRT) with households and private non-profit institutions as respondents. As for other sub-sectors, it is completed from data collection to the Agency that manages the related sector.