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Jakarta Post

Economy in brief: Current account deficit swells in 2018

  • The Jakarta Post

Jakarta   /   Mon, February 11 2019   /  03:14 am

Bank Indonesia has announced that the current account deficit increased to US$31.1 billion, 2.98 percent of gross domestic product (GDP), in 2018 from the previous year, which stood at $17.29 billion, 1.7 percent of GDP.“The current account deficit was still within safe limits, amounting to $31.1 billion or 2.98 percent of GDP,” said BI spokesman Agusman over the weekend in a statement.The current account deficit saw a jump in the fourth quarter of 2018 at $9.1 billion (3.57 percent of GDP), higher than the deficit in the previous quarter of $8.6 billion, 3.28 percent of GDP, said Agusman.“The increase in the current account deficit was affected by a decline in non-oil and gas trade, owing to high imports in line with domestic demand, which was still strong amid limited export performance,” he added.However, a surplus of US$5.4 billion was recorded in balance of payments in the f...