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By APD Writer Maverick
JAKARTA, Aug. 7 (APD) -- Indonesia posted a stagnant growth of 5.01 percent in the second quarter this year, due to withhold of spending among people in middle-upper class and decreasing of government spending, head of Indonesia’s Central Statistics Agency (BPS) Suhariyanto said in Jakarta on Monday.
The under-expected second quarter figure came amid concerns on decreasing people’s purchasing power, apparently lower than the figure in the corresponding period last year that stood at 5.18 percent.
Speaking in a press conference in the BPS premises, Suhariyanto said that snail-dragged growth in the second quarter was incited by the tendency among middle-upper class people to save more of their money instead of spending it for consumption.
“There was no decrease in people’s purchasing power. There was indication that they preferred to withhold there spending and saving more.”
He said, declining concerns on weakening purchasing power.
Suhariyanto said the fund withholding among the middle-upper class society was indicated from the slowing debit transactions and increasing amount of savings.
According to him, the second quarter growth this year was contributed by growths in household consumption at 4.95 percent, investment 5.35 percent, exports 3.36 percent, imports 0.55 percent.
Government spending recorded a minus 1.93 percent, dragged down the growth in the period, he added.
Indonesian central bank previously estimated the nation’s second quarter growth would miss its initial target set at 5.1 percent as the investments were yet to be able to spur the growth in the period.
The central bank governor, Agus Martowardoyo, said national economy growth would pick up in the third period this year as contribution from investment would be increasing, contributed by private investors with their investments in infrastructure and non-infrastructure sectors.
“It means that the growth would shift to the third quarter, private investment would start to operate effectively in those sectors, highly expected to spur the growth,” Agus said earlier.
The central bank forecasted full-year growth may reach 5.4 percent this year, while government has set a target to see 5.3 percent, higher than 5.1 percent assumption set in the state budget.
(ASIA PACIFIC DAILY)
