Indonesian Economy in 2018 Grows 5.17%: Exports Decline, Imports Rise

Indonesia’s economic growth throughout 2018 only managed to grow 5.17%. This figure is far from the target set in the 2018 State Budget which is 5.4%.

The Head of the Central Statistics Agency (BPS) Suharyanto said that throughout 2018, Indonesian goods exports recorded a decline compared to the previous year. While imports actually rose.

“The value of Indonesian goods exports is not encouraging, there was a decrease of 4.48% quarter to quarter and 1.04% year on year. Imports were greater than exports that during October, November, December we experienced a trade balance deficit,” he said at the BPS office , Jakarta, Wednesday (02/06/2019).

The value of Indonesian goods exports fell by 1.04% (yoy) while imports of goods rose 12.10% (yoy). This is certainly a disruption to Indonesia’s economic growth following a correction in the trade balance.

Wholesale car sales (up to dealer levels) in the fourth quarter fell 2.75% (qtq). While motorcycle sales fell 3.41% (qtq) in the fourth quarter of 2018.

“This is a huge homework component for exports and imports,” said Suharyanto.

As for the economies of several Indonesian trading partners, they are still positive, although they tend to slow down.

China’s economy for example slowed 0.1% in the fourth quarter of 2018. While the United States (US) is estimated to stagnate at the position of 3% (fourth quarter).

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