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RI's current account deficit predicted to stay near 2.8% in 2015
Bank Indonesia (BI) projects that Indonesiaâs average current account deficit in 2015 will stand at 2
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ank Indonesia (BI) projects that Indonesia's average current account deficit in 2015 will stand at 2.8 percent of the gross domestic product (GDP), down from 3 percent of last year's GDP, the central bank's top official said.
BI governor Agus Martowardojo said the central bank warmly welcomed recently released data that Indonesia's current account deficit stood at 1.8 percent of GDP in the first quarter of 2015, which was relatively low. The data was also cause for being optimistic that the country's average current account deficit would be in line with BI's prediction, he added.
'In the second and third quarter of this year, there will be increases in Indonesia's current account deficit, compared to the first quarter. However, the deficit will likely stand within a range of 2.8 percent of GDP throughout the year,' said Agus as quoted by Antara in Jakarta on Tuesday.
In the first quarter of this year, the current account deficit was recorded at US$3.8 billion or 1.8 percent of GDP, lower than $5.7 billion or 2.6 percent of GDP in the previous quarter and $4.1 billion or 1.9 percent of GDP in the same period last year.
Agus said Indonesia's improved current account performance was supported particularly by its improved oil and gas trade balance along with declines in oil imports, which resulted from declining global oil prices and lower fuel consumption following energy subsidy reforms. (ebf)(+++)
