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Financial News: Indonesia's Growth Remains Broadly Stable In Q2

Indonesia's Growth Remains Broadly Stable In Q2

08/05/2019 - 02:24:00 (RTTNews)

(RTTNews) - Indonesia's economy expanded at a broadly stable pace in the second quarter, data from the statistical bureau showed on Monday.

Gross domestic product expanded 5.05 percent in the second quarter, following first quarter's 5.07 percent growth. On a quarterly basis, the economy grew 4.2 percent, in contrast to a 0.52 percent decline a quarter ago.

The expenditure-side breakdown of GDP showed that the highest expansion was seen in consumption expenditure component of nonprofits serving households, which advanced 15.27 percent. Investment climbed 5.01 percent.

At the same time, government spending grew 8.23 percent. Meanwhile, exports slid 1.81 percent and imports decreased 6.73 percent.

Past monetary tightening will probably continue to weigh on growth, even though rates are now being cut, Gareth Leather, an economist at Capital Economics, said.

Moreover, this year's budget suggests that fiscal policy won't provide a boost to growth either and a further softening in global growth is likely to weigh on exports, Leather noted.

"Overall, while the official figures are likely to show growth remaining stable at around 5 percent, we expect growth on our measure to slow to around 4.5 percent," the economist added.

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