Fri, 07 Nov 2008
The House of Representatives on Thursday approved macroeconomic assumptions for use in calculating the 2009 state budget, Dow Jones reported.

"We have agreed with the government that economic growth (will be assumed at) 6% and inflation at 6.2% for the purpose of calculating the budget,” House budget committee chairman Emir Moeis told reporters.

Other inputs that will be used as average assumptions are: a dollar value of Rp9,400; a yield of 7.5% on Bank Indonesia's short-term SBI notes; $80 a barrel for Indonesia's crude oil benchmark; oil production at 960,000 barrels a day; and natural-gas extraction of 7,526.3 million standard cubic feet a day.

Gross domestic product (GDP) is forecast at Rp5,328 trillion and the deficit at 1% of GDP, while fuel subsidies are assumed to cost the state Rp57,605 billion and electricity subsidies Rp45,963.7 billion.

The Finance Ministry and House update macroeconomic assumptions continually through the year.

Indonesia doesn't issue macroeconomic forecasts, and the assumptions constitute de facto predictions.



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