Indonesia Q4 Growth Tops Expectations; 2018 Expansion Fastest In 5 Years
06 Febrero 2019 - 2:21AM
RTTF2
Indonesia's economic growth in the fourth quarter of 2018
exceeded economists' expectations, despite weaker export growth,
and the full year growth was the fastest in five years.
Gross domestic product grew 5.18 percent year-on-year following
a 5.17 percent increase in the third quarter, figures from the
statistical office showed on Wednesday. Economists had predicted
5.10 percent growth.
Full year growth for 2018 was 5.17 percent, which was the
fastest since 2013. In 2017, the economy expanded 5.07 percent.
The economy shrunk 1.69 percent quarter-on-quarter in the final
three months of the year, after a 3.09 percent expansion in the
third quarter.
Private consumption maintained its growth momentum in the final
three months of the year, rising 5.08 percent. Investments grew
6.01 percent.
The annual pace of growth in both exports and imports nearly
halved in the fourth quarter from the previous three months, to
4.33 percent and 7.10 percent, respectively.
The country's central bank, Bank Indonesia, raised interest
rates by a cumulative 175 basis points in six sessions in 2018 as
the government tried to lower the current account deficit.
In January, the bank projected national economic growth for this
year in the 5.0-5.4 percent range, backed by domestic demand and
improvements in the position of net exports.
"With exports set to slow and monetary policy likely to be
tightened further, we think activity will drop back over the coming
quarters," Capital Economics economist Gareth Leather said.
"We think economic growth in Indonesia will average around 5
percent over the next couple of years, at least according to the
official figures," the economist added.
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