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Indonesia's economy grows at fastest pace in 15 years | |
(40 minutes later) | |
Indonesia's economy grew at its fastest pace in 15 years in 2011 boosted by increased investment and growing domestic demand. | Indonesia's economy grew at its fastest pace in 15 years in 2011 boosted by increased investment and growing domestic demand. |
Southeast Asia's largest economy expanded by 6.5% in 2011, the highest rate since 1996. | |
Indonesia also regained its investment grade status last year as total domestic and foreign investment rose by almost 20% to $28bn (£18bn). | Indonesia also regained its investment grade status last year as total domestic and foreign investment rose by almost 20% to $28bn (£18bn). |
Analysts said growth was likely to remain strong going forward. | Analysts said growth was likely to remain strong going forward. |
The latest data also showed that the economy grew by 6.5% in the October to December quarter from a year earlier. | |
Raddhika Rao of Forecast said the strong data "validates the government's optimism on the growth front, driven for the most part by robust consumption and investment spending". | |
'Least exposed' | |
The data comes at a time when problems in the eurozone and the US have seen considerable uncertainty in the global economy. | |
As the eurozone struggles to find a solution to its debt crisis and the US copes with a high rate of unemployment, demand from two of the biggest economic zones in the world has been falling. | |
That has hurt many Asian economies that rely heavily on exports for growth. | |
However analysts said that Indonesia has benefited from the fact that a huge part of its growth is driven by domestic consumption. | |
"Indonesia is one of the least exposed economies in the region, with a vast domestic market and a relatively small share of exports to gross domestic product, so it is insulated from volatility in the global economy," said George Worthington of IFR. | |
Domestic consumption accounts for nearly 60% of Indonesia's economy. |
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