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Indonesia’s economy expands at fastest rate since 2004

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by Kay Mitchell
Indonesia's economy expands at fastest rate since 2004

Indonesia, which is Southeast Asia’s largest economy, experienced growth of 6.1% in 2010 compared with the previous year.

This represented the fastest annual rate for six years – boosted by consumer spending and investment.

The figures made it among the best performers in the G20 developing countries and the economy is now on track to see growth of 6%-6.5% in 2011.

Meanwhile, growth for the fourth quarter surged ahead to 6.9% against 5.8% a year earlier, according to the Central Statistics Agency.

However, as with many Asian economies, concerns remain about rising inflation as soaring food prices hit consumers.

Last week, Indonesia’s central bank lifted interest rates to 6.75%. It was the first such move since 2008 in a bid to slow price growth.

Inflation is currently above the 7% mark.

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News posted: February 7, 2011

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