JAKARTA (TheInsiderStories) - Indonesia’s economic growth is expected to move to the lower limit of the range forecast in this year at 5.0 percent. Earlier, the government estimates growth this year at a maximum of 5.5 percent
Projections to the lower limit economic growth this year triggered by a downward revision of growth in the range of several components contributor to economic growth. Head of the Ministry of Finance for Fiscal policy Suahasil Nazara, said the estimation was triggered by slower growth in gross fixed capital formation or investment.
He further explained, import and export growth is still in negative territory and is at the lower limit of the range of projections this year. The export performance is expected to fell by 1.9 percent from previous estimates ranging from -1.9 to -1.4 percent.
While imports are expected to grow -2.7 percent from previous estimates ranging from -2.7 to -2.5 percent. On the other hand, growth on private consumption is estimated to reach 5.1 percent and government consumption is estimated at 3 percent.
Deputy Governor of Bank Indonesia Perry Warjiyo added that this year’s economic growth is expected to be in the range of 4.9 to 5.3 percent. According to him, the possibility of economic growth this year at the level of 5.04 percent.
DETAIL of 2016’s REVISED BUDGET :
Total GDP: Rp 12,626.55 trillion
Macro Assumption:
GDP : 5.2 percent
Inflation: 4.0 percent
Benchmark rate : 5.5 percent
Exchange rate : Rp 13,500/US$1
Oil price : $40 a barrel
Oil lifting : 820,000 barrels
Gas lifting : 1.15 MMBTU
Oil/gas lifting : 1.97 million barrels of oil equivalent
Revenues : Rp 1,786.23 trillion
Tax revenues: Rp 1,503.30 trillion
Non-tax revenues :Rp 245.08 trillion
Grant : Rp 1.97 trillion.
Spending : Rp 2,082.95 trillion
Government spending : Rp 1,306.69 trillion
Ministry and government institution spending : Rp 767.81 billion
Regional transfer and Village fund : Rp 773.31 trillion
Fuel buffer and energy security fund : Rp 800 billion
Non-ministry and government institution spending : Rp 191.02 trillion
Energy subsidy : Rp 188.71 trillion