{
    "success": true,
    "data": {
        "id": 9029,
        "msgid": "gdp-expands-at-fastest-pace-in-a-decade-1203304538",
        "date": "2008-02-18 10:15:38",
        "title": "GDP expands at fastest pace in a decade",
        "author": "",
        "source": "GOI",
        "tags": "business",
        "topic": null,
        "summary": "The nation expanded at the fastest pace in 10 years as declining borrowing costs encouraged companies to invest and spurred consumer spending, Bloomberg reported Friday (15\/2\/08). Gross domestic product (GDP) of the $364 billion economy grew 6.25% in the three months ended December 31 from a year earlier, after expanding 6.5% in the third quarter, the Central Statistics Bureau (BPS) said. The economy grew 6.32% in the full year.",
        "content": "<p>The nation expanded at the fastest pace in 10 years as declining borrowing costs encouraged companies to invest and spurred consumer spending, Bloomberg reported Friday (15\/2\/08).<br>\n <br>\nGross domestic product (GDP) of the $364 billion economy grew 6.25% in the three months ended December 31 from a year earlier, after expanding 6.5% in the third quarter, the Central Statistics Bureau (BPS) said. The economy grew 6.32% in the full year.<br>\n <br>\nRecord coal prices and surging income from sales of cocoa and cooking oil is encouraging spending on cars, motorbikes and mobile phones.<br>\n <br>\nPrivate consumption, which represents about 70% of the economy, rose 5.6% in the fourth quarter, up from 5.3% in the third quarter and the fastest pace in almost four years.<br>\n <br>\nSince December 2005, when Bank Indonesia raised its policy rate to 12.75%, inflation cooled and the rupiah gained.<br>\n <br>\nInflation rose 7.4% in January from a year earlier, down from a high of 18.4% in November 2005. The rupiah has risen 5.8% against the dollar since the end of 2005.<br>\n <br>\n\"Indonesia won't be immune from slowing global growth. The government cut its economic growth forecast for this year to 6.4% from 6.8,\" President Susilo Bambang Yudhoyono said Friday.<br>\n <br>\nThe business community was buoyed by moves by the government and the House of Representatives to cut corporate income tax to a single rate of 25% in an amendment of the income tax law.<br>\n <br>\nA hearing on Wednesday (13\/2\/08) between officials from the Directorate General of Taxation and House Commission XI on financial affairs proposed implementation of the new rate for the 2009 fiscal year, The Jakarta Post reported.<br>\n <br>\nIndonesia's credit rating was raised to the highest level since the 1997 Asian financial crisis by Fitch Ratings, Bloomberg reported.<br>\n <br>\nFitch lifted Indonesia's foreign-currency rating one level to BB, two levels below investment grade, from BBB-, the company said in a statement today. The outlook is stable, the credit assessor said.<br>\n <br>\n\u201cThis is new ammunition for Indonesia that may help the country prevent getting affected from the global slowdown,\u201d said Winang Budoyo, an economist at Jakarta-based PT Bank Lippo. \u201cThis will improve investor perception.\u201d<br>\n <br>\nThe ratings hike came as analysts continued to discuss the possible impact of a global trade slowdown on the country, with most agreeing that the impact should be relatively benign, with only 11% of external trade with the US economy.<br>\n <br>\nThe Wall Street Journal also pointed to Indonesian assets as a useful hedge against global concerns, noting that while some areas of the economy would be affected, resource stocks and domestic market plays should remain strong.<br>\n <br>\n\"Indonesia is relatively immune to external shocks,\" the report quoted David Fergusson, head of Indonesian research at Citigroup Global Markets as stating.<br>\n <br>\nIn another sign of continuing confidence, sales of cars were up 54% in January on the same month a year earlier, while motorcycle sales were up 38%.<br>\n <br>\nOn the Indonesia Stock Exchange, the Jakarta Composite index closed the week at 2,688.19, half a percentage point on the day, after rising 2.5% on Thursday. The rupiah was trading at around 9,210\/9,220 to the US dollar.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/gdp-expands-at-fastest-pace-in-a-decade-1203304538",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}