Indonesian Economy

Three Economic Variables Tumble

VIVAnews - The government listed that the performance of three economic variables on the first quarter of 2009 including investment, exports and imports tumbled significantly.

According to Finance Minister Sri Mulyani Indrawati, the investment growth was estimated of only reaching 5 to 6.5 percent. It was a 50 percent fall compared to last year with 10 to 13 percent.

Finance Minister said sharp contraction occurred in exports with minus 6 to 9 percent compared to the first quarter of 2008 with 13.6 percent. The fourth quarter of 2008 recorded exports of 1.8 percent, a decrease due to global economic downturn. The value of exports reached US$22.55 billion.

Imports experienced further contraction with minus 9 percent to minus 12 percent compared to exports. Meanwhile, the value of imports reached US$18.578 billion.

Trade balance still gained surplus of US$3.974 billion. Meanwhile, trade on services recorded minus US$2.1 billion. Therefore, the current account gained surplus of US$607 million.

"As for the capital balance, we and BI (Bank Indonesia) monitor that the first quarter of 2009 will be positive with US$2.2 billion, resulting in overall surplus in payment balance as well as increasing foreign exchange reserves," he said.

As regards investment, Indonesia is under stable political and security situation, causing the country to have positive image and reputation. Amidst other Southeast Asian countries, Indonesia still records growth compared to Singapore (- 5%), Thailand (- 2%), Malaysia (- 0.2%) and Philippines (2.5 percent).

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Translated by: Bonardo Maulana Wahono

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VIVA.co.id
29 Maret 2024