Indonesia’s economy forecast to further grow in Q4
The Bank Indonesia (BI) has recently announced a survey indicating that the country’s banks have seen optimistic signs and the economy will see stronger development in the fourth quarter of this year.
The Bank Indonesia (BI) has recently announced a survey indicating that the country’s banks have seen optimistic signs and the economy will see stronger development in the fourth quarter of this year.
According to the survey, around 51.3 percent of respondents said they would expand credits in the last quarter of 2015 while 43.6 percent said they would maintain their spending as in the third quarter.
Executive Director of the BI Communications Department Tirta Segara said the optimism is based on the country’s economic conditions and the cutting down of lending interest rates due to the expected deposit interest rate decline.
He said higher credit expansions were already recorded in the third quarter this year, adding credit balance increased to 77 percent from 66.7 percent in the previous quarter.
However, BI called on banks to remain cautious against growing risk of non-performing loans (NPL), especially corporate credits, though the bad debt is still within a normal level of below 5 percent.
In August 2015, NPL of working capital credits and investment credits were 3.2 percent and 2.91 percent, respectively, representing slight increases compared to June.
The highest NPL was recorded in the construction sector reachin🔯g 5.46 percent, followed by public service, social culture and e💮ntertainment sector at 4.46 percent; trade and retail at 4.11 percent; transport, warehouse and communications at 3.72 percent; and mining and quarry sector at 3.71 percent.-VNA
Indonesia’s economic growth continued to dwindle to reach only 4.7 percent in the second quarter of the year compared to the 4.95 percent expansion in the first, said the Governor of Bank Indonesia (BI) Agus Martowardojo.
The Indonesian economy expanded 4.71 percent in the first three months of this year, slowing slightly from 4.89 percent during the fourth quarter of last year, according to the Indonesian statistics agency.
The Indonesian Ministry of Finance has said the country would borrow 4.2 billion USD from the World Bank and the Asian Development Bank (ADB) to cover budget deficit.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Illustrative image (Photo: Internet)
