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Financial News: Indonesia Economy Expands At Slower Pace In Q3

Indonesia Economy Expands At Slower Pace In Q3

11/05/2021 - 02:37:00 (RTTNews)

(RTTNews) - Indonesia's economic growth eased in the third quarter as strict restrictions to contain the spread of the COVID-19 dampened household consumption, Statistics Indonesia reported Friday.

Gross domestic product expanded 3.51 percent on a yearly basis, after rising 7.07 percent in the second quarter. This was also weaker than the expected growth of 3.76 percent.

Nonetheless, the economy expanded for the second consecutive quarter.

On a sequential basis, the economy grew 1.55 percent, which was also slower than the economists' forecast of 1.8 percent.

On the expenditure-side, exports logged the biggest annual growth of 29.16 percent. At the same time, imports were up 30.11 percent.

Household consumption rose only 1.03 percent and government consumption by 0.66 percent. Investment rose 3.74 percent.

With restrictions being relaxed and virus cases now very low, the economy is expected to bounce back strongly in the final quarter, Gareth Leather, an economist at Capital Economics, said. That said, any tightening of monetary policy is still a long way off.

The economist forecast strong GDP growth of around 4 percent sequentially in the fourth quarter.

At the October policy meeting, Bank Indonesia had retained its key interest rate at 3.50 percent.

The central bank forecast the economic growth to continue to improve until the fourth quarter so that the whole of 2021 will remain within the range of Bank Indonesia's projection at 3.5 percent-4.3 percent.

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