Detik.com reports that in 2024, Bali’s economy grew at a rate of 5.48 percent. This economic growth rate was less than in 2023 when the growth rate was 5.71 percent.
“Although it has slowed down compared to 2023, the growth is still above 5 percent,” said Acting Head of the Bali Province Statistic Board (BPS), Kadek Agus Wirawan, on Wednesday, 05 February 2025.
A slowdown influenced Bali’s slower economic growth rate in the accommodation and food and beverage sectors, which grew at a slow 2.13 percent, lower than 2.62 percent in 2023. These lower growth rates were counter-intuitive, given that tourism arrivals increased in 2024.
The wholesale and retail trade business sector, as well as the vehicle repairs sector, slowed from 0.53 percent to 0.39 percent.
The business sectors that experienced accelerated growth are the financial services and insurance sectors. Meanwhile, sectors that experienced a decline in economic performance were government administration, defense, and social security, which performed at minus 1.08 percent.
Bali’s economic performance throughout 2024 remained within a targeted range despite the slowing growth rates. Earlier, Bank Indonesia (BI) projected Bali’s economic growth for 2024 would be around 5%-5.8%.
The Head of the BI Bali Representative Office, Erwin Suryadimaja, said that the investment sector plays a driving force in the economic growth of the Island and strengthening Bali’s tourism.
“Services, hotels, restaurants, hospitals, and foreign investment also drive Bali’s economic growth,” said Erwin.
He said Bali’s economic growth targets, including tourism, agriculture, fisheries, and multicultural sectors, could help maintain Bali’s economic growth from 5% to 5.8%.
“So, we hope Bali’s economic growth will remain higher than the national economic growth target of 5.5% to 5.7%,” Wirawan said.
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