Inflation rate surged to 77.63 percent last year<\/p>\n
JAKARTA (JP): Indonesia recorded an inflation rate of 1.42
\npercent in December from 0.08 percent in November, sending the
\n1998 full-year inflation rate to 77.63 percent, the Central
\nBureau of Statistics (BPS) announced Thursday.<\/p>\n
The inflation rate in 1998 was still lower than the 80 percent
\ntargeted by the government but it was far higher than the 11.05
\npercent recorded in 1997.<\/p>\n
BPS chief Sugito Suwito said the increase in prices was
\nparticularly significant during the last two weeks of the month
\nas household demands soared in anticipation of the Ramadhan
\nfasting month, Christmas and New Year celebrations.<\/p>\n
\"The major contributors to inflation were increases in food
\nand clothing prices,\" he said.<\/p>\n
Sugito said the December inflation was still lower than the
\n2.04 percent level in December 1997.<\/p>\n
Inflation for the nine months of the 1998\/1999 fiscal year
\nstarting from April was 39.74 percent.<\/p>\n
Exports in October totaled US$3.78 billion which was lower
\nthan $4.01 billion in September, sending the January to October
\nexport revenue to $41.03 billion, a 6.9 percent decline from the
\nsame period in 1997.<\/p>\n
This decline was caused by lower international prices for the
\ncountry's major export commodities including oil.<\/p>\n
Sugito estimated total export revenue in 1998 would reach
\n$50.05 billion, a 6.34 percent decline from 1997, comprising
\n$7.73 billion in oil and gas exports and $42.32 billion from non-
\noil and gas exports.<\/p>\n
Imports in October reached $2.40 billion, up from $2.23
\nbillion in September, sending the January-October cumulative
\nfigure to $22.59 billion, a 36 percent decline from the level in
\nthe same period in 1997.<\/p>\n
The agency estimated imports for the full year 1998 at $27.43
\nbillion, a 34.2 percent decline from the level in 1997.<\/p>\n
Sugito that Indonesia's gross domestic product (GDP) for 1998
\n(based on the 1993 constant prices) dropped to Rp 374.7 trillion
\nfrom Rp 434.1 trillion in 1997.<\/p>\n
\"The economy will have shrunk by an estimated 13.68 percent,\"
\nhe said. This is close to the IMF estimate of 13.80 percent.<\/p>\n
The 1998 per capita GDP based on 1993 constant price declined
\nto Rp 1.8 million from Rp 2.2 million in 1997, Sugito said.<\/p>\n
BPS said that almost all sectors of the economy suffered a
\nnegative growth in 1998, except the agriculture, electricity, gas
\nand drinking water sectors.<\/p>\n
Sugito forecast that GDP in 1999 could grow by between 1.5 and
\n2 percent if the political activity during the year does not
\ndisrupt the production system.<\/p>\n
\"The political agenda in 1999 is heart-pounding. There's a
\ngeneral election and a presidential election,\" he said, adding
\nthat if these activities disrupted the production system, the
\neconomy could shrink by 2 percent.<\/p>\n
He added, however, that developments during the past three
\nmonths were encouraging as the rupiah managed to stabilize
\ndespite widespread riots and demonstrations.<\/p>\n
\"If this kind of phenomenon can be maintained next year,
\ninflation may reach 15 percent, but otherwise it may go up to 20
\npercent,\" he said. (rei)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/inflation-rate-surged-to-7763-percent-last-year-1447893297",
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