Indonesia economy grows 5.17pc in third quarter

Published: November 05, 2018 15:55:49 | Updated: November 21, 2018 20:40:27

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Indonesia gross domestic product (GDP) grew at a 5.17 per cent annual rate in the third quarter, lower than 5.27 per cent in the previous quarter, BPS official said on Monday.

The official said the growth figure in the Q3 of this year was higher than the one targeted in the state budget and in the same period last year which stood at 5.1 and 5.06 per cent respectively.

The Central Statistics Bureau (BPS) Chief Suhariyanto said the current account deficit was apparently the culprit that drags down the nation to attain higher growth, reports Xinhua.

Indonesia's exports during the third quarter that ended in September have grown 8.33 per cent, yet the imports during the period grew even higher at 23.71 per cent.

"We still have one more quarter until the end of the year. If it is better, we may see a good yearly growth figure," said the BPS Chief.

Southeast Asia's largest economy has set the economic growth target at a range of 5.18 to 5.4 per cent this year on the back of robust domestic consumption.

In their economy outlook reports, international financier agencies have estimated Indonesia's growth may reach at a span of 5.1 to 5.2 per cent.

The Asian Development Bank (ADB) estimated that the growth may reach 5.2 per cent, while the World Bank revised down its estimation from 5.2 to 5.1 per cent.

The International Monetary Fund (IMF) revised down its growth estimation for Indonesia this year from 5.3 to 5.1 per cent through its World Economic Outlook published last month.

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