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Indonesia’s economic growth falls below estimates in Q3

by ChemOrbis Editorial Team -
  • 05/11/2014 (11:45)
Indonesia’s economic growth posted its slowest pace in five years in the third quarter of 2014 due to lower commodity prices, according to a data released by Statistics Indonesia. The country’s gross domestic product (GDP) rose 5.01% year over year in the third quarter of 2014. Initial forecasts called for a growth rate of 5.1% in a survey conducted by Bloomberg.

The country’s GDP rose 2.96% on a quarterly basis in the July- September period when compared to the previous quarter. Indonesia’s household consumption rose 5.44% on a yearly basis while government consumption also increased 4.37%. Investment spending increased 4.02% while exports declined 0.7%. The decrease in exports was attributed to decreasing prices for key commodities such as cocoa and palm oil.

Meanwhile, economists stated that the country’s full year expansion may be lower than 5.1% if fuel prices are increased and commodity prices remain low.
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