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JAKARTA, Indonesia - Despite the global financial crisis, economic growth in Indonesia is estimated to reach 6.5 percent in the first quarter of 2012, according to Bank Indonesia (BI).
Amidst a global economic slowdown and prolonged uncertainty in global financial markets, especially in Europe, Indonesia's domestic economic activity has remained strong, BI said following Thursday's Board of Governors' Meeting.
"Economic growth in the first quarter of 2012 is predicted at 6.5 percent and economic expansion will continue in the second quarter of 2012, although lower than the growth in the first quarter," said Difi A. Johansyah, BI Head of Bureau.
Johansyah noted that the Southeast Asian country's economic growth has been strongly supported by domestic demand, particularly private consumption and investment. Despite the weakening global economy, he added, Indonesia's economic growth in the first and second quarter continues to be in line with the 2012 economic growth forecast of 6.3 to 6.7 percent.
However, export growth is expected to slow down due to the financial crisis and the decrease in non-energy commodity prices.
Also on Thursday, Bank Indonesia decided to keep the BI rate unchanged at 5.75 percent as the Board of Governors considered the current rate is still consistent with inflation pressure.
"Regarding government's policy on energy, Bank Indonesia predicts that its impact on inflation will be temporary (one-time shock), and inflation will return to decrease in line with economic fundamentals," Johansyah said. "Accordingly, Bank Indonesia will undertake various measures to anticipate the short-term impacts through strengthening monetary operation on managing short term excess liquidity with continuously maintaining the interest rate policy to be consistent with macroeconomic outlook."
Through inflation control team at national level (TPI) and at regional level (TPID), Bank Indonesia said it will continue to work with the government in order to bring inflation in 2013 towards its range of 4.5 percent.
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