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GDP up 5.07 percent in 2017 despite slow growth in govt spending
The Indonesian economy grew 5.19 percent year-on-year (yoy) in the fourth quarter of 2017, slightly above the 5.06 percent recorded in the previous quarter, the Central Statistics Agency (BPS) announced on Monday.
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Central Statistics Agency head Suhariyanto speaks to reporters. (JP/kmt)
The Indonesian economy grew 5.19 percent year-on-year (yoy) in the fourth quarter of 2017, slightly above the 5.06 percent recorded in the previous quarter, the Central Statistics Agency (BPS) announced on Monday.
The latest figure brings full-year economic growth for 2017 to 5.07 percent, well below the government’s state budget assumption of 5.2 percent.
However, economic growth in 2017 was higher than the 5.03 percent recorded in 2016.
Exports rose by 8.5 percent yoy in the fourth quarter, yet trade failed to contribute to GDP growth, as imports increased at a faster rate of 11.81 percent over the same period.
Government spending grew 3.81 percent yoy in the fourth quarter, while investment increased 7.27 percent.
“All of the [GDP] components grew positively, with exports recording the highest growth,” BPS head Suhariyanto said in a press briefing on Monday.
Household spending, which accounted for more than half of the GDP, grew 4.97 percent yoy in the fourth quarter, slightly above the 4.93 percent booked in the previous quarter.
The latest data saw household spending grow 4.95 percent in 2017. Government spending and investment increased by 2.14 percent and 6.15 percent, respectively, over the same period. Exports, meanwhile, were up 9.09 percent and imports 8.06 percent.
As the economy expanded in 2017, Indonesia’s GDP per capita also increased to US$3,876.6 from $3,605.1 recorded in 2016. (bbn)
