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JAKARTA - Indonesias economic slowdown in the second quarter of this year was in line with macro-economic stability policy adopted by the government and Bank Indonesia aimed especially to control inflation and current account deficit, the central bank said.
"The GDP growth was slightly lower than previously estimated by Bank Indonesia," Executive Director for Communications of the central bank Tirta Segara said here on Tuesday.
The country's economy grew only 5.12 percent in the second quarter of this year slowing from 5.22 percent in the previous quarter (yoy). The slowdown was caused by contraction in export growth especially in the exports of natural resource based commodities.
Exports of certain mineral products were halted with the implementation of the law banning exports of mineral concentrates, a policy aimed at promoting processing industries.
In addition, demand for coal and crude palm oil, two main export commodities, shrank in international markets. Contraction in government spending and investment in non construction sectors were among domestic factors causing the economic slowdown.
Delay in the distribution of social aid resulted in a decline in goods purchases, a factor causing the contraction in government consumption. The contraction in investment in non building sector was attributable mainly to contraction in investment in international transport equipment as a result of the declining performance in exports of mining products.
The main driver of economic growth in the second quarter of this year was household consumption, which remained high because of the general elections as indicated by the improved performance of good and beverage industry and paper industry. Investment in construction sector also still grew steadily.
Meanwhile, imports declined because of moderation in domestic demand offsetting external pressure from the export fall.
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