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Indonesia’s GDP growth tops 6.39% in Q2
Indonesia sees its annual economic growth reach 6.39 percent in the second quarter, despite higher interest rates, said Reuters on Thursday.

Indonesian statistics bureau said Southeast Asia’s biggest economy grew 6.39 percent in April-June from the same period last year, and also revised up the first quarter figure to 6.32 percent from 6.28 percent.

Meanwhile, analysts said the data confirmed expectations that despite some anticipated slowdown in the second half of the year, full 2008 growth should still be solid at around 6 percent, allowing Indonesia’s central bank to raise interest rates again.

“We expect economic growth to slow in the second half, but we still see 6.1 percent growth can be achieved this year. Our domestic fundamentals are quite good compared to other countries which are experiencing a steeper decline in growth,” said economist Juniman at Bank Internasional Indonesia.

“If interest rates remain within single-digit range, consumer demand, property and real sector would still be growing.”

The country’s central bank raised rates four times this year by a total one percentage point, bringing its benchmark to 9.0 percent BIPG earlier this month.

The rate is still below annual inflation running at a two-year high of 11.9 percent after a fuel price hike in May and analysts expect the central bank to raise rates at least once more to cap price pressures.

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