Thu, 26 Feb 2009
Poor prices for minerals and agricultural products depressed growth during the fourth quarter, when growth was recorded at 5.4%, while full-year 2008 came in at 6.1%, the Central Bureau of Statistics (BPS) reported last week.

The mining industry was the poorest performer during 2008, contributing only 0.5% of the overall growth.

In the fourth quarter, construction, transport and communications, financial ownership and business services and services showed growth, while other sectors showed decline, with agriculture, livestock, forestry and fisheries contracting by 22.9% as prices for commodities such as crude palm oil fell.

The most positive growth during 2008 came from transport and communications, at 16.7% for the full year, followed by electricity, gas and water supply with growth of 10.9%. All other sectors saw single-digit growth.

In terms of the overall structure of the economy, household consumption continued to dominate with 61% of activity, down from 63.8% in 2007, with exports in second place at 29.8%.
Looking ahead, the trade minister said on Saturday that export volumes for non-oil and gas items are set to fall this year from 2008 as global trade slows, Reuters reported.

Earlier this month, Trade Minister Mari Pangestu said Indonesia's non-oil and gas export growth target had been revised to below 4.3% for 2009. On Saturday she told reporters the outlook was worse.

"Based on container flows for January-February, exports volume this year may decline by between 20% to 30%. Non-oil and gas exports are expected to fall," Pangestu said.

She added that exports of automotive products and electronics would be worst hit.

Car exports through the Jakarta International Container Terminal, the country's largest shipping terminal, fell to 9,391 units in January, from 13,000 units in December, Pangestu said, a decline of about 27%.

Earlier, Pangestu said growth in total exports would slow to just 1-2.5% this year, from about 20% in 2008. The government had previously forecast total exports would grow 5% in 2009.
To boost employment and consumer demand, President Susilo Bambang Yudhoyono’s government plans a Rp71.3 trillion ($6 billion) stimulus package. That includes a plan to give tax breaks that will save individuals and companies Rp43 trillion in payments this year, Bloomberg reported.

The government said it will also spend Rp15 trillion on discounts for electricity tariffs and public works, adding to a previous plan to outlay Rp12.5 trillion on a stimulus package meant to subsidize taxes and duties.

Meanwhile Indonesia's per capita income rose 24% to $2,271 in 2008 from $1,942 in 2007 with gross domestic product (GDP) at Rp4,954 trillion ($450 billion) based on current prices, up from $1,186.2 in 2004, Antara reported.

Last year, the country's GDP based on constant prices reached Rp2,082.1 trillion, BPS head Rusman Heriawan said.

Communication and information Minister Muhammad Nuh said on Wednesday that the number of poor is predicted to decrease by 4 million to 33.714 million in 2009, Xinhua reported.

Nuh said the fall in the poverty rate would not be as much as expected due to the global financial crisis.

Despite projections of a slump in economic growth and the 9% inflation rate, the minister was optimistic that the number of poor people would be reduced.



Source : Central Agency of Statistics



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