Manufacturing industry starts cutting production
Manufacturing companies in all industrial estates in Indonesia, especially in Java, have begun to cut production as a result of the global financial crisis that has begun weakening domestic and international demand, Antara reported.
Chairman of Industrial Estate Companies Hendra Lesmana predicted the value of manufactured goods will fall to $135 billion in a year starting with the last quarter of 2008 from $150 billion normally.
He said export-oriented industries such as footwear, textile, food and beverage, steel and ceramic industries have already started to slow down production by around 10%.
The impact of the global financial crisis will hit Indonesia's manufacturing sector until at least 2009, Lesmana was quoted as saying.
Chairman of Industrial Estate Companies Hendra Lesmana predicted the value of manufactured goods will fall to $135 billion in a year starting with the last quarter of 2008 from $150 billion normally.
He said export-oriented industries such as footwear, textile, food and beverage, steel and ceramic industries have already started to slow down production by around 10%.
The impact of the global financial crisis will hit Indonesia's manufacturing sector until at least 2009, Lesmana was quoted as saying.