JAKARTA, Feb 5 (Reuters) - Indonesia's gross domestic
product expanded 6.2 percent in 2012, slowing from 6.5 percent
in 2011 as weak global demand slashed the country's exports.
2012 was the third straight year in which GDP grew by more
than 6 percent, as domestic demand in Southeast Asia's largest
economy remained strong.
The statistics bureau reported on Tuesday that on an annual
basis, growth in the last three months of 2012 was 6.1 percent,
compared with 6.2 in the third quarter.
- Q4 GDP growth at 6.1 pct y/y vs poll forecast of 6.2 pct
- Q4 GDP growth at -1.45 pct q/q vs poll forecast of -1.3
- 2012 GDP growth at 6.2 pct vs poll forecast and government
projection of 6.3 pct
- Transport, communications, retail, construction sectors
- A seasonal slowdown in agriculture weighed on Q4 growth
For graphic of GDP, see:
ANDRY ASMORO, SENIOR ECONOMIST, BANK MANDIRI, JAKARTA
'We believe, due to continuing global economic volatility,
Indonesia's GDP will stay at 6.3 percent in 2013, or only
slightly increased compared to the current level.
'We expect that Indonesia's GDP will still be affected by
slower trade performance in 2013, while the domestic economy
will remain the backbone to support overall growth.'
GUNDY CAHYADI, ECONOMIST, OCBC BANK, SINGAPORE
'Overall, it is still a decent figure, but we should take a
closer look at the details to get a better feel for the 2013
'Now, the disconcerting fact from last week's trade data was
the sharp fall in import growth for December across all
components, including that of capital goods. Indonesia's strong
growth momentum in 2012 has been led by its robust investment
growth, and we have previously highlighted that it is crucial to
see this strong investment growth to be sustained in 2013.
'The moderation in imports of capital goods could be a
worrying trend if it were to sustain in the coming months, and
one would start to wonder if the recent IDR weakening has a been
a notable factor on this front. For now, we'd still maintain our
6.5 percent GDP growth estimate for 2013.'
The rupiah stood little changed at 9,689 per dollar
after the GDP data.
- Indonesia's benchmark stock index weakened
slightly after the data to trade 0.4 percent down by 0451 GMT.
Indonesia's statistics bureau website: http://www.bps.go.id
- Indonesia expects its economy to expand between 6.6
percent and 6.8 percent this year, still driven by domestic
consumption but investment growth may fail to reach its target
due in part to concerns about infrastructure problems.
- Inflation in 2012 was a comfortable 4.32 percent as
government scrapped a plan to hike petrol price. January
inflation was 4.57 percent from a year ago, as adverse weather
condition caused distribution disruptions and pushing prices of
- Indonesia posted its first annual trade deficit in 2012,
at $1.63 billion, with reported a deficit for December of $150
- The trade deficit has added to pressures on the rupiah , which was emerging Asia's weakest currency in 2012.
- The HSBC Markit purchasing managers' index for January
showed a contraction for manufacturing activity contracted for
the first time since May. The index was 49.7, compared with 50.7
in December and a record-high 51.5 in November.
- Bank Indonesia has maintained its benchmark rate at a
record low of 5.75 percent for 11 straight months to boost the
economy amid uncertain global conditions.
- Indonesia shoulders a heavy burden due to its fuel
subsidies, on which the government spent 211 trillion rupiah in
- Increased spending on imported fuel in 2012 added to the
currency account deficit, which the Bank Indonesia has estimated
was equivalent to 2.4 percent of GDP.
(Reporting by Andjarsari Paramaditha; Editing by Neil
Keywords: INDONESIA ECONOMY/GDP
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