Economic Growth Momentum Maintained in Indonesia - Bank Sentral Republik Indonesia
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December 10, 2019
No.21/77/DKom
 
Indonesia has maintained economic growth momentum against a backdrop of worsening global economic moderation. Economic growth in the third quarter of 2019 was recorded at 5.02% (yoy), relatively unchanged compared with the 5.05% (yoy) posted in the previous period. Such developments were influenced by solid domestic demand and improving external sector performance despite dwindling global demand and lower international commodity prices.
 
Exports achieved positive 0.02% (yoy) growth in the third quarter of 2019 after contracting by 1.98% (yoy) in the three months to June 2019. On the other hand, imports experienced a deeper contraction from 6.78% (yoy) in the second quarter of 2019 to 8.61% (yoy) in the reporting period. The policy mix instituted by Bank Indonesia and the Government to manage the current account deficit has also triggered external sector gains, affecting net oil and gas exports in particular. Meanwhile, solid domestic demand has been maintained, primarily on the back of expansive household consumption growth of 5.01% (yoy) in the third quarter of 2019. In addition, investment is also expanding, led by 5.03% (yoy) building investment growth. In terms of production, a number of economic sectors have achieved stronger growth, including mining and quarrying in the primary sector; the manufacturing industry in the secondary sector; and wholesale and retail trade, transportation and storage, as well as financial services and insurance in the tertiary sector.
 
Bank Indonesia considers the recent economic performance recorded in the third quarter of 2019 positive in the face of turbulent global headwinds. Coordination between Bank Indonesia, the Government and other relevant authorities will continue to be strengthened in order to maintain economic stability, stimulate domestic demand as well as boost exports and tourism, while attracting foreign capital inflows, including Foreign Direct Investment (FDI).
 
Jakarta, 5th November 2019
COMMUNICATION DEPARTMENT
 
Onny Widjanarko
Executive Director 
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