The Economy of Indonesia Expands 6.5 Percent in 3r
November 19, 2007 - 6:17 am
The Jakarta Post News - Indonesia's economy expanded a faster-than-expected 6.5 percent in the third quarter from a year ago, the government said Thursday, its strongest quarter of growth since the Asian financial crisis 10 years ago.
Agricultural production was the biggest contributor to growth, followed by business investment, exports and private consumption.
 Growth in the July-September quarter was faster than the 6.3 percent marked in the second quarter, the Central Statistics Agency. It was also better than the 6.15 percent projected by economists.
Following the data release, President Susilo Bambang Yudhoyono said he was confident strong growth in the agricultural sector and improving investment would push growth to at least 6.4 percent in the current quarter.
Agricultural output grew 8.9 percent from the third quarter of last year while investment rose 8.8 percent on year. Export increased 7.8 percent on year and private consumption gained 5.3 percent on year, the agency said.
The Indonesian government forecasts the economy will grow 6.3 percent this year and an even faster 6.8 percent next year.
Meanwhile, the World Bank said in an estimate Thursday that Indonesia's economy could grow 6.4 percent next year, revising its forecast downward from 6.5 percent, as concerns remain over external conditions.
"Indonesia is seeing its strongest, most sustained period of expansion since the dark days of the Asian crisis 10 years ago," said Robert Prior-Wandesforde, an economist at HSBC's Asian Economics team. "There also seems little chance of things going badly wrong in the short term."
The Indonesia was one of the hardest-hit countries during the 1997-1998 Asian financial crisis, which bankrupted thousands of businesses and sent the jobless rate soaring.
Analysts said last quarter's growth was an encouraging sign of strong fundamentals, but also warned it may be partly artificial, driven largely by easing monetary policy. Bank Indonesia, the country's central bank, has cut its key interest rate 4.5 percentage points since last May to 8.25 percent.
List of News
- Page 4 of 5 [ 22 Items Found ] -
General Info About Bali
[November 9, 2007 - 8:31 am]
Bali is a land that seems to have a magnet at its very heart. It is a feeling that is difficult to understand unless experienced but once visited you are surely compelled to come back and you may even want to... [read more]
About Badung Regency
[November 9, 2007 - 8:11 am]
Around the end of the 18th century, the region of Badung which was previously called Nambangan had been established as a powerful kingdom similar to other kingdoms in Bali. The Badung Regency has a very long history which had been led... [read more]
South Sulawesi Island Tours
[November 8, 2007 - 5:51 am]
South Sulawesi , covering an area of 82,768 square kilometers (approximately the size of England), is cultural and geographical diserve. South Sulawesi possesses a fertile lowland rice growing area, as well as spectacular mountains, an arid southern... [read more]
Giving Bali's Gods Their Due
[November 8, 2007 - 5:09 am]
As reported on Balihotelsdiscount.com, the recent destruction of two Balinese temples in Sanur by a Resort developer has been the source of community protests that saw the investor accused of disregarding local religious values and... [read more]
Bali Hotels Special Discount rates
[November 7, 2007 - 9:42 am]
Bali hotels, bali villa discount and budget hotels rates is sure to have the right type of hotels, villas and other type of accommodation that you can choose from. Whether you are looking... [read more]
|
