Page 96 - AR BRIDS 2021 - FINAL - HIRES - 2903

Management and
Discussion Analysis

Iktisar Keuangan
Performance Highlight

akibat dampak gagal bayar Evergrande yang menyebabkan policy, resulting in lockdown implementation in some regions
penurunan kinerja pada sektor properti kebijakan ketat which led to the declining public consumption and retail sales
“Zero-Covid” sehingga terjadinya penerapan lockdown di slowdown at the end of 2021. On the other hand, most EMDEs
sejumlah wilayah yang menyebabkan menurunnya konsumsi were still struggling for their country's economic recovery
masyarakat dan melambatnya penjualan ritel di akhir 2021. with various risks of uncertainty. Overall, the world economic
Di sisi lain, sebagian besar negara EMDEs masih terus berjuang growth in 2021 was projected at 5.9% YoY (IMF, 2022).
untuk pemulihan ekonomi negaranya dengan berbagai risiko
ketidakpastian yang ada. Secara keseluruhan pertumbuhan
ekonomi dunia pada 2021 diproyeksikan sebesar 5,9% yoy
(IMF, 2022).

Dari sisi domestik, pertumbuhan ekonomi pada TW IV-2021 From the domestic side, Indonesian economic growth in Q4-
Indonesia tercatat tumbuh sebesar 5,02% (yoy) atau 3,69% 2021 was recorded at 5.02% (YoY) or 3.69% (YoY) in 2021. This
(yoy) sepanjang tahun 2021. Angka tersebut lebih besar figure was higher than International Monetary Fund (IMF)
dibandingkan proyeksi International Monetary Fund (IMF) projection of 3. 20% YoY (October 2021), after being revised
yang sebesar 3,20% yoy (Oktober, 2021), setelah direvisi turun decreased from the previous projection of 3.90% YoY due to
dari proyeksi sebelumnya sebesar 3,90% yoy akibat berbagai various risks occurred in the second half of 2021. This growth
risiko yang muncul di paruh kedua tahun 2021. Pertumbuhan indicated that Q4-2021 growth had returned to pre-pandemic
tersebut menandakan bahwa pertumbuhan TW IV-2021 telah levels that were always in the range of 5.00%. In terms of the
kembali ke level pra-pandemi yang selalu berada di kisaran business sector, the health services sector led the growth of
5,00%. Dari sisi lapangan usaha, sektor jasa kesehatan Q4-2021 by 12.16% YoY or 10.46% YoY throughout 2021. It was
memimpin pertumbuhan TW IV-2021 sebesar 12,16% yoy atau in line with the government program to fight the pandemic and
10,46% yoy sepanjang tahun 2021. Sejalan dengan program public consumption tendency that focus on maintaining their
pemerintah untuk melawan pandemi dan tendensi konsumsi health throughout 2021. In terms of spending, it was recorded
masyarakat yang fokus menjaga kesehatannya sepanjang that government spending grew by 5.25% YoY with 30% of the
2021. Dari sisi pengeluaran, tercatat bahwa pengeluaran budget being used in Q4-2021, Gross Fixed Capital Formation
pemerintah tumbuh sebesar 5,25% yoy dengan porsi 30% (PMTB) grew by 4.49% YoY with the Foreign Investment (PMA)
anggarannya digunakan pada TW IV-2021, Pembentukan and the Domestic Investment (PMDN) growing in double digits
Modal Tetap Bruto (PMTB) tumbuh sebesar 4,49% yoy dengan respectively by 10.10% YoY and 15.20% YoY.
PMA dan PMDN yang tumbuh dua digit masing-masing sebesar
10,10% yoy dan 15,20% yoy.

Inflasi tercatat rendah selama 2021 dengan inflasi Indeks Inflation was recorded to be low during 2021 with the Consumer
Harga Konsumen pada Desember 2021 sebesar 0,57% mtm Price Index inflation in December 2021 at 0.57% MtM or 1.87%
atau 1,87% yoy. Angka tersebut meningkat dibandingkan YoY. This figure increased compared to inflation in 2020 by
inflasi pada 2020 sebesar 1,68% yoy. Perkembangan inflasi 1.68% YoY. Core inflation was recorded as low at 1.56% YoY, a
inti tercatat rendah sebesar 1,56% yoy, sedikit mengalami slight decrease compared to 2020 at 1.60% YoY. It was due to
penurunan dibandingkan 2020 yaitu sebesar 1,60% yoy. the lack of recovery in domestic demand during the COVID-19
Hal tersebut dipengaruhi oleh belum pulihnya permintaan pandemic, stable exchange rates, and well-maintained
domestik akibat pandemi COVID-19, nilai tukar yang stabil, dan inflation expectations, as well as the minimal effect of global
ekspektasi inflasi yang terjaga, serta pengaruh tekanan harga price pressure on domestic demand. Additionally, volatile
global ke domestik yang minimal. Selain itu, inflasi volatile food inflation and administered prices inflation were recorded
food dan inflasi administered prices masing-masing tercatat respectively at 3.20% YoY and 1.79% YoY. It was supported by
sebesar 3,20% yoy dan 1,79% yoy. Hal tersebut didukung the availability of supplies and the smooth distribution of foods
ketersediaan pasokan dan kelancaran distribusi bahan pangan as well as the increase in administered prices inflation due to
serta peningkatan yang terjadi pada inflasi administered prices the increased air transport fares in the middle of increased
terjadi karena peningkatan tarif angkutan udara di tengah public mobility and increase in tobacco excise.
meningkatnya mobilitas masyarakat dan kenaikan cukai
tembakau.

Annual Report 2021
95 PT BRI Danareksa Sekuritas