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Indonesia’s Economy Grows at Slower Pace Indonesia’s Economy Grows at Slower Pace
(4 months later)
JAKARTA — Indonesia’s economy grew at its slowest pace in more than four years after momentum was cooled by an export ban on minerals and by aggressive interest rate increases to rein in a large current-account gap. JAKARTA — Indonesia’s economy grew at its slowest pace in more than four years after momentum was cooled by an export ban on minerals and by aggressive interest rate increases to rein in a large current-account gap.
Indonesia has taken bold measures to shrink its current-account deficit to buffer against capital outflows and to inspire confidence in its fragile currency, the rupiah.Indonesia has taken bold measures to shrink its current-account deficit to buffer against capital outflows and to inspire confidence in its fragile currency, the rupiah.
Since a series of upbeat economic figures this year, investors have become more optimistic about the economy but remain concerned about political risks as the country heads into presidential elections in July. Inflationary pressures are easing, however, and the mineral ban has so far had a limited effect. Since a series of upbeat economic figures this year, investors have become more optimistic about the economy but remain concerned about political risks as the country heads into presidential elections in July. Inflationary pressures are easing, however, and the mineral ban has so far had a limited effect.
Gross domestic product in the January-to-March quarter expanded 5.21 percent from a year earlier, data from the statistics bureau showed on Monday. That was the slowest pace since the third quarter of 2009 and compared with 5.60 percent forecast in a Reuters poll of economists. Growth was 0.95 percent on a quarterly basis against expectations of 1.26 percent.Gross domestic product in the January-to-March quarter expanded 5.21 percent from a year earlier, data from the statistics bureau showed on Monday. That was the slowest pace since the third quarter of 2009 and compared with 5.60 percent forecast in a Reuters poll of economists. Growth was 0.95 percent on a quarterly basis against expectations of 1.26 percent.
The mining sector contracted 0.38 percent in the first quarter from the same period a year earlier, against a 3.91 percent expansion in the period from October through December.The mining sector contracted 0.38 percent in the first quarter from the same period a year earlier, against a 3.91 percent expansion in the period from October through December.
“Mining fell due to the export ban on some minerals and raw materials,” said the head of the statistics bureau, Suryamin, adding that the construction sector had grown 6.54 percent from the same period a year earlier.“Mining fell due to the export ban on some minerals and raw materials,” said the head of the statistics bureau, Suryamin, adding that the construction sector had grown 6.54 percent from the same period a year earlier.
Meanwhile, domestic consumption grew 5.61 percent from a year earlier and was stronger than the 5.25 percent growth in the previous quarter.Meanwhile, domestic consumption grew 5.61 percent from a year earlier and was stronger than the 5.25 percent growth in the previous quarter.