Tue, 17 Jun 2008
Jakarta (ANTARA News) - The government and the House of Representatives (DPR) are looking into the possibility of raising the country`s gross domestic product (GDP) to Rp5,275.9 trillion by relying on exports and investments.

"With the GDP reaching that amount, our per capita GDP has actually exceeded US$2,700. But it seems that we were still at the level of middle income countries," Syahrial Loetan, secretary of the state minister for national development planning/chief secretary of the National Development Planning Agency (Bappenas), said on Monday.

Hopefully, non-oil/non-gas exports would be the main foreign exchange earner while natural resources would be the main factor to attract investments next year, he said.

"But we must keep in mind that the improving economy will make the people`s consumption stronger," he said.

The Rp5,275.9 trillion GDP could be achieved if the economy grew by 6.2 percent and the inflation rate reached 6.5 percent, he said.

After all, being at the level of middle income countries would make it difficult for Indonesia to obtain very soft loans, he said.

"Today, almost all loans are available only under commercial schemes," he said.

According to official data, the country`s macro assumptions in the year up to May 2008 show the economic growth rate was recorded at 6.3 percent, the inflation rate at 10.4 percent, the interest rate on Bank Indonesia Certificates (SBI) for three-month deposits at 8.1 percent, the rupiah`s exchange rate at Rp9,254 per dollar, Indonesian crude prices (ICP) at US$104.8 a barrel, oil production at 922,500 barrels per day, fuel consumption at 16.4 million kiloliters.

In the the revised 2008 state budget, the target of economic growth rate for 2008 has been set at 6.4 percent, inflation rate 6.5 percent, interest rate on SBI for three-month deposits 7.5 percent, the rupiah`s exchange rate Rp9,100 per dollar, ICP US$95 a barrel, oil production 927,000 barrels per day, and oil consumption 35.5 million kiloliters.(*)



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