Jakarta, Indonesia (News Today) - Indonesia said Thursday its gross domestic product (GDP) grew 6.2 percent in the second quarter of 2010 from a year earlier as household consumption, exports and investment picked up. Southeast Asia’s biggest economy grew 2.8 percent in the April-June period, faster than the 1.9 percent expansion seen in the first quarter, the Central Statistics Agency said.
“The economic growth was helped by improving domestic and external factors,” agency deputy chairman Slamet Sutomo told reporters.
Household consumption rose five percent on-year during the quarter, investment grew eight percent and exports increased 15 percent, the agency said. The country’s central bank on Wednesday kept its key interest rate steady at 6.50 percent despite higher inflation in July, which it blamed on seasonal factors.
The annual inflation rate climbed to its highest point this year due to rising food prices, which had put pressure on the central bank to hike rates at Wednesday’s meeting. Keeping interest rates unchanged has contributed to the growth, analysts said.
“A low bank rate encourages strong domestic consumption. Despite the high inflation, people are still buying but mostly on credit. They spend on items like cars and property,” Ciptadana Securities head of sales John Teja told AFP.
“While many countries in the world are experiencing a slowdown, Indonesia’s growth remains high. This will make Indonesia very attractive to foreign investors,” he added.
Source : kompas
Wednesday, August 11, 2010
Indonesia Posts 6.2 Pct Growth in Second Quarter
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