15:17 | 12/02/2019 Global Economy
Indonesia posted an economic growth of 5.17 percent in 2018, the highest level in five years, according to the country’s central statistics agency.
|A street in Jakarta - Source: AFP/VNA|
The expansion was mainly driven by household consumption, investment and government spending, which contributed 2.75 percent, 2.17 percent and 0.38 percent, respectively.
“This growth is quite an accomplishment…given uncertainty in the global economy and fluctuating commodity prices,” said Suhariyanto, head of the agency.
Despite instabilities in the financial market, Indonesia’s 2018 budget deficit was estimated at 1.72 percent of the gross domestic product (GDP), lower than the government forecast of 2.19 percent. This is also the lowest budget deficit since 2012.
However, Indonesia also admitted that last year’s economic growth failed to achieve the target set in the mid-term national development plan and the goal of 5.4 percent in the 2018 State budget plan.