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Indonesia's GDP grows 4.79% in 2015
05
Feb '16
Indonesia's economy grew 4.79 per cent in 2015, underpinned by public spending, according to data from the Central Statistics Agency (BPS) today. A collapse in prices for its main commodities and cooling growth in major trading partner China, however, weighed on overall growth.

“The economy grew by 4.79 percent in 2015, slower than that in 2014 at 5.02 percent,” BPS head Suryamin said in a press conference in Jakarta.

The country's economy picked up speed in the fourth quarter but full-year growth was still the slowest since the global financial crisis as weak consumption, investment and exports took a toll on output.

Suryamin explained that Indonesia's economy in the fourth quarter of 2015 grew by 5.04 per cent compared to 4.74 per cent in the third quarter, as investment growth accelerated thanks to rising public spending.

According to the BPS data, Indonesia's GDP grew 4.73 per cent Q1 of 2015, 4.68 per cent in Q2 and 4.74 per cent in Q3.

After disappointing investors with the slow pace of reforms, President Joko Widodo began rolling out a series of stimulus measures in September last year in an attempt to make investment, especially in manufacturing, the main driver of growth. He offered firms tax break of up to 20 years, among other incentives.

Private consumption, which makes up more than half of Indonesia's economy, was more or less stable in the fourth quarter, despite reports of factory closures and lay-offs.

Indonesia's stock market extended its gains after the data, while the rupiah was more or less steady

Indonesia's central bank cut its benchmark interest rate for the first time in 11 months in January, by 25 basis points to 7.25 per cent to boost the economy.

Bank Indonesia, which next meets to decide policy on Feb 17-18, has said it will review the need for further rate cuts.

The central bank has forecast 2016 growth at 5.2 per cent and 5.5 per cent in 2017. (SH)

Fibre2Fashion News Desk – India

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