Indonesian economy records 3.1% growth as of third quarter

Indonesian economy records 3.1% growth as of third quarter

Minister of Finance, Sri Mulyani Indrawati, addressing an online press conference on the Indonesian State Budget in Jakarta, Monday. (October 25, 2021) ANTARA/Agatha Olivia

The position of the rupiah is relatively stronger than the assumption of the state budget at the level of Rp14,600 per US dolla
Jakarta (ANTARA) - The realization of economic growth until the third quarter of 2021 reached 3.1 percent, approaching the overall outlook for this year of 3.7 percent to 4.5 percent growth, Finance Minister Sri Mulyani Indrawati has said.

 

"In the state budget (APBN), the target is 5 percent," she informed during a virtual press conference on the Indonesian State Budget, here on Monday.

 

Meanwhile, the realization of inflation since January-September 2021 (year-to-date/ytd) reached 0.8 percent and grew 1.6 percent compared to September 2020 (year-on-year/yoy), from the target of 3 percent in the state budget, she informed.

 

The realization of the rupiah exchange rate reached Rp14,210 per US dollar on October 11, 2021 and Rp14,325 per US dollar at the end of September 2021, she said.


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"The position of the rupiah is relatively stronger than the assumption of the state budget at the level of Rp14,600 per US dollar," Indrawati noted.

 

The realization of interest rates on 10-year government securities (SBN) reached 6.21 percent at the last auction (October 12, 2021), or 6.36 percent (ytd), which is quite low compared to the reference in the APBN, which was 7.2 percent, she said.

 

The price of Indonesian crude oil was recorded at US$72.2 per barrel in August 2021 and US$65.2 per barrel in September 2021, higher than the 2021 State Budget target of US$45 per barrel, she further disclosed.

 

The State Treasurer said Indonesia's oil lifting was lower than the APBN target of 705 thousand barrels per day, reaching 652.6 thousand per barrel in August 2021 and 660 thousand per barrel in September 2021.


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Meanwhile, gas lifting was recorded above the target of 975 thousand barrels of oil equivalent per day, namely 1.039 million barrels of oil equivalent per day in August 2021 and 1.01 million barrels of oil equivalent per day in September 2021, Indrawati said.

 

Indonesia's exports reached US$20.60 billion as of September 2021, according to the Statistics Indonesia (BPS) data. Meanwhile, the country's imports in September 2021 were valued at US$16.23 billion, it reported.

 

This indicated that Indonesia’s trade balance in September 2021 had experienced a surplus of US$4.37 billion, BPS head Margo Yuwono said. Thus, Indonesia has recorded 17 months of trade balance surplus in a row, he pointed out.

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The biggest contributors to the surplus were exports of mineral fuels, vegetable or animal oils and fats, as well as iron and steel, he informed. Meanwhile, the United States contributed the largest to the surplus, at $1.5 billion, followed by India, $718.6 million, and the Philippines, $713.9 million, he informed.

 

Commodities that made the largest contribution to the surplus with the US were clothing and accessories; India, mineral fuels and vegetable or animal oils and fats; and the Philippines, mineral fuels and vehicles along with vehicle parts, Yuwono explained.

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