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Indonesia: Economic Growth at 4.92% in Q1Friday, May 06, 2016 > 10:20:52
The Central Statistics Agency (BPS) recorded that the first quarter's economic growth reached 4.92 percent. This figure is lower than what analysts and Bank Indonesia (BI) projected.
BPS chief Suryamin is still happy with the achievement, saying that this year's first-quarter growth is higher compared to the same period last year. In the first quarter of 2015, the country's economic growth was only 4.73 percent.
Suryamin said that a slow growth in the beginning of the year is normal, especially when compared to the fourth quarter of the previous year when the government and the private sector boosted their budgets.
"In the first quarter, new economic activities had just begun," he said on Wednesday, May 4.
Quarter one's slow growth, he said, is attributable to the contraction in several business fields like mining, manufacturing, construction, automotive repair sales. In addition, Indonesia's trade showed negative growths in some components.
"Exports and imports were down by 3.88 percent and 4.24 percent," he said.
Some sectors, according to the BPS, are showing excellent growth. On a quarterly basis, the agriculture, forestry, and fisheries sectors posted the highest growth with 14.43 percent.
"The company services sector grew 2.25 percent, and real estate grew 1.77 percent," he said.
Meanwhile, the year-on-year growth rate statistics showed that the financial services and insurance sectors posted the highest growth with 9.1 percent, followed by the health services and social activities sectors with 8.52 percent.
"The information and communication sector posted a growth of 8.28 percent," he said.
In terms of expenditure, Suryamin said, non-profit household posted the highest consumption growth of 6.38 percent. Meanwhile, household consumption grew 4.94 percent and government spending grew 2.93 percent.