In­done­sian econ­omy growth beats es­ti­mates

The Pak Banker - - BUSINESS -

JAKARTA: In­done­sia's eco­nomic growth sur­passed an­a­lyst es­ti­mates in the fi­nal three months of 2015 as Pres­i­dent Joko Wi­dodo stepped up ef­forts to re­vi­tal­ize South­east Asia's big­gest econ­omy. Gross do­mes­tic prod­uct grew 5.04 per­cent in the fourth quar­ter from a year ear­lier, the sta­tis­tics bureau said in Jakarta on Fri­day, ex­ceed­ing all es­ti­mates in a Bloomberg News sur­vey. The econ­omy grew 4.79 per­cent in 2015, from a pre­vi­ously re­ported 5.02 pace the year be­fore. "Not a sheep­ish end to the year at all," said Wel­lian Wi­ranto, an econ­o­mist at Oversea-Chi­nese Bank­ing Corp. in Sin­ga­pore. "This does point to a strength­en­ing mo­men­tum of growth. It's a good sign that 2016 should see bet­ter growth prospects than the pre­vi­ous year." The Jakarta Com­pos­ite In­dex ex­tended gains af­ter the data to rise 1.8 per­cent as of 9:50 a.m. lo­cal time, head­ing for the high­est close in nearly six months. The ru­piah pared losses to trade 0.1 per­cent lower at 13,653 a dol­lar, ac­cord­ing to prices from lo­cal banks. In­done­sia's sov­er­eign bonds rose, push­ing the 10-year yield down four ba­sis points to 8.07 per­cent, the low­est since May 2015, ac­cord­ing to the In­ter Dealer Mar­ket As­so­ci­a­tion.

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