Indonesia's Second-Quarter GDP
Rose 4.13%, Above Expectations
By I MADE SENTANA
Dow Jones Newswires
JAKARTA, Indonesia -- Gross domestic product grew 4.13% on year in the
second quarter, above the 3.5% consensus forecast by economists. GDP was
also up 0.38% on the previous quarter, the Central Bureau of Statistics said
at a press conference Friday.
Exports continue to lead Indonesian economic growth, fueled by climbing
global oil prices. Indonesia is the only Asian member of the Organization of
Petroleum Exporting Countries, or OPEC.
Jakarta's 1st-Quarter GDP Grew at a Slower-Than-Expected Rate (May 16)
The strong second-quarter figure means that Indonesia looks on track to meet
its full-year GDP growth forecast of between 2% and 4%, as agreed with the
International Monetary Fund.
Exports in the period were up 24% on year, and 5.04% on quarter, said
Kusmadi Saleh, deputy head of the bureau. A weak rupiah has helped exports,
analysts say.
Household consumption, which makes up two thirds of the GDP figure, also
continued to recover, growing 2.5% on the same period of 1999, and 0.4% on
the previous quarter, he added.
Government spending was up 2.3% on year, and 6.12% on quarter, while
investment jumped 21.4% on year and 3.31% on the first quarter.
Although household consumption continued to grow in the second quarter of
the year, quarter-on-quarter growth was slower than in the previous period.
Mr. Kusmadi said the slowdown in quarterly consumption could be a reflection
of the average Indonesian's weakening purchasing power.
He added the bureau decided to announce the second-quarter GDP data more
than a month after the quarter ended to avoid significant revisions in the
future.
The bureau revised the quarter-on-quarter GDP growth for the January to
March period to 2.36% from the 1.98% figure announced in mid May.
Mr. Kusmadi said that another major contributor to GDP growth was
investments, which grew 21% on year, and 3.3% on quarter.
The bureau said construction was the fastest-growing industry, up 13% on
year, followed by transport and communications, which grew 10.5%.
Manufacturing grew 5.73% on year, mining 2.63%, electricity, gas and clean
water 6.79%, financial 5.68% and services 4.34%.
Agriculture, however, shrank 4.3% compared to a year ago.
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