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Jakarta Post

Business grows 20.23 percent in Q2: BI

  • News Desk

    The Jakarta Post

Jakarta   /   Fri, July 13, 2018   /   03:24 pm
Business grows 20.23 percent in Q2: BI Vehicles line up along the Salatiga-Kartasura toll road in Central Java on June 10. (Antara/ Mohammad Ayudha)

Business activities grew 20.23 percent in the second quarter, triggered by the increase in sales during Ramadhan and the long Idul Fitri holiday. Last year’s growth figure in the corresponding period was 8.23 percent.

Bank Indonesia surveyed 3,073 companies with sales of Rp 2.5 billion (US$174 million) each annually.

The business activity survey conducted by BI’s statistics department recorded that growth occurred in nearly all sectors of business, particularly in the manufacturing industry, trade, hotels and restaurants, financial services and real estate.

“The improvement in the manufacturing industry, particularly, was supported by sales during Ramadhan and the extended Idul Fitri holiday,” said BI statistics department head Yati Kurniati in Jakarta on Thursday as reported by kontan.co.id.

The central bank estimates that business expansion would continue in the third quarter although it would be a bit slower, with growth estimated at 17.73 percent.

Asian Development Bank (ADB) project consultant Eric Sugandi said business activities in the third quarter would be slower than the previous quarter.

BI explained the survey was based on respondents’ perception, while the indexes that related to the expectation could be in line or not in line with the actual condition. (bbn)