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NEWS UPDATES 16 August 2010

Indonesia's GDP predicted at 6.3percent in 2011

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Indonesia’s government projects that Indonesia's economic growth will rise to 6.3 percent in 2011, from an estimated 6 percent this year and 4.5 percent last year.

On Monday, President Susilo Bambang Yudhoyono said that Indonesia booked a better-than-expected economic growth in the first half of this year.

Indonesia's economy grew by 5.7 percent in the first quarter of this year and 6.2 percent in the second quarter.

"This high economic growth has been supported by improving exports, returning investment as well as the continuing high domestic consumption," Yudhoyono told the joint session of the House of Representatives and the Regional Representatives Council on Monday.

He predicted that economic growth would eventually reach 6 percent this year, higher than the government's initial projection of 5.8 percent.

In addition to the economic growth for next year, Yudhoyono also revealed a number of assumptions for the 2001 state budget; inflation rate at 5.3percent, interest rate for three-month Bank Indonesia promissory notes at 6.5 percent per annum, rupiah-dollar exchange rate at Rp 9,300 per U.S. dollar, crude oil price at US$80 per barrel and oil production at 970,000 barrels per day.

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