GDP in black for '99, 4th quarter best<\/p>\n
JAKARTA (JP): The country's economy continued to book strong
\ngrowth in the fourth quarter of 1999, pushing it back into the
\nblack for the entire year.<\/p>\n
The Central Bureau of Statistics (BPS) reported on Wednesday
\nthat the country's gross domestic product (GDP) in the fourth
\nquarter grew by 5.76 percent compared to the same period of 1998.<\/p>\n
But if compared to the previous quarter, the GDP grew 0.9
\npercent.<\/p>\n
Due to the strong GDP growth in the fourth quarter, Indonesia
\nposted economic growth of 0.23 percent for the year, compared to
\na contraction of over 13.2 percent in 1998.<\/p>\n
\"This indicates the beginning of economic recovery for
\nIndonesia,\" BPS chairman Sugito Suwito told a news conference.
\n\"We are optimistic that GDP will continue to increase this year
\nand the years to come.\"<\/p>\n
BPS estimated GDP would increase a further 3.68 percent in the
\nfirst quarter of 2000 over the fourth quarter of 1999, and by
\n6.51 percent over the same period of 1999.<\/p>\n
The agency predicts that GDP growth for the whole of 2000 will
\nreach 4 percent, which corresponds to forecasts of the government
\nand Bank Indonesia.<\/p>\n
\"I foresee that economic growth will be higher next year,
\nbecause of the progress in corporate and banking restructuring,
\nwhich would have positive impacts on economic activities,\" he
\nsaid.<\/p>\n
GDP value based on 1993 constant prices totaled Rp 376.9
\ntrillion in 1999, a 0.23 percent increase from Rp 376.1 trillion
\nin 1998. In current prices, GDP value increased to Rp 1,107.3
\ntrillion last year from Rp 1,002.3 trillion in 1998.<\/p>\n
Because of increasing GDP and strengthening of the rupiah
\nagainst the U.S. dollar, Indonesia's per capita income rose to
\nUS$682.20 in 1999 from $514.80 in 1998.<\/p>\n
Last year's per capita income was calculated based on the
\nrupiah's average exchange rate for the year of 7,882 to the U.S.
\ndollar. The 1998 per capita income was based on the average
\nrupiah exchange rate of 9,597 to the greenback.<\/p>\n
Per capita income reached a peak in 1996 of $1,154.90, but
\ndropped to $1,109.80 in 1997 when the economic crisis struck.<\/p>\n
\"It will need four years to five years for Indonesia to reach
\nthe 1996 level of per capita income,\" Sugito said.<\/p>\n
Sugito expressed optimism that the country's economy would
\nreturn to a precrisis growth rate of 7 percent per annum in the
\nnear future because of the improving domestic political
\nsituation.<\/p>\n
All indications show the economic recovery is under way, he
\nsaid.<\/p>\n
Most economic sectors booked positive growth in the fourth
\nquarter of last year, except agriculture and electricity, gas and
\nclean water, which slumped by minus 9.78 percent and 0.74 percent
\nrespectively.<\/p>\n
\"Especially in the case of agriculture, the drop was seasonal.
\nThe fourth quarter was not the harvest season and therefore
\nagriculture posted such a sharp drop,\" Sugito said.<\/p>\n
All other sectors posted positive growth. The mining sector
\ngrew 6 percent, manufacturing 2.78 percent, construction 2.46
\npercent, trade, hotel and restaurant 3.93 percent, transportation
\nand communications 3.50 percent, finance and leasing 3.24 percent
\nand other services 0.3 percent.<\/p>\n
For the whole of 1999, a number of sectors still booked
\nnegative growth, including mining (-0.11 percent), trade, hotel
\nand restaurant (-1.1 percent), transportations and communications
\n(-0.72 percent) and finance and leasing (-8.67 percent).<\/p>\n
Sectors posting positive growth for 1999 included agriculture
\n(0.67 percent), manufacturing (2.19 percent), electricity, gas
\nand clean water (7.25 percent), construction (1.15 percent) and
\nother services (2.82 percent).<\/p>\n
The industrial sector dominated last year's GDP with 25.78
\npercent, an increase from 24.48 percent in 1998, followed by
\nagriculture with 19.41 percent (from 18.06 percent in 1998),
\ntrade 16.51 percent (16.67 percent), mining 9.9 percent (13.73
\npercent), services 8.89 percent (8.23 percent), finance 6.36
\npercent (6.98 percent) and others 13.15 percent (11.84 percent).<\/p>\n
Demands driving GDP growth last year were mainly from
\nhousehold consumption and government spending, which grew 1.48
\npercent and 0.69 percent respectively.<\/p>\n
Other demand components booked negative growth. Exports of
\ngoods and services dropped 32.06 percent, imports slumped 40.9
\npercent and the formation of fixed capital dropped 20.78 percent<\/p>\n
Household consumption accounted for most of GDP with 73.96
\npercent, increasing from 66.19 percent in 1998, followed by
\nexports of goods and services (35.04 percent, down from 50.51
\npercent in 1998), imports (27.14 percent, down from 41.21
\npercent) and the formation of fixed capital (19.34 percent, from
\n22.08 percent). (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/gdp-in-black-for-99-4th-quarter-best-1447893297",
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