Indonesia’s current account deficit surged to 28.5 billion USD or 3.28 percent of the country’s gross domestic product (GDP) in 2013 from 24.4 billion USD in the previous year.
The country’s balance of payments also saw a deficit of 7.3 billion USD from its 200 million USD surplus f in 2013, according to the Bank Indonesia (BI).
The global economic downturn and the decrease of goods prices in international markets were attributed to the country’s sharp export fall.
However, the IB noted that policies and measures taken by the Indonesian Government proved effective as the country’s trade surplus reached 4.4 billion USD and foreign currency reserves rose to 99.4 billion USD in the fourth quarter of last year.
Indonesian Deputy Minister of Finance Bambang Soemantri Brodjonegoro said his country’s economy continues to be on track of recovery in the first months of this year and its current account deficit will be narrowed thanks to a decline in imports and a rise in its export activities.
Indonesia’s current account deficit is projected to fluctuate around 2 percent of GDP in the first quarter of 2014 and about 2.5 percent of GDP in the whole year.-VNA
The country’s balance of payments also saw a deficit of 7.3 billion USD from its 200 million USD surplus f in 2013, according to the Bank Indonesia (BI).
The global economic downturn and the decrease of goods prices in international markets were attributed to the country’s sharp export fall.
However, the IB noted that policies and measures taken by the Indonesian Government proved effective as the country’s trade surplus reached 4.4 billion USD and foreign currency reserves rose to 99.4 billion USD in the fourth quarter of last year.
Indonesian Deputy Minister of Finance Bambang Soemantri Brodjonegoro said his country’s economy continues to be on track of recovery in the first months of this year and its current account deficit will be narrowed thanks to a decline in imports and a rise in its export activities.
Indonesia’s current account deficit is projected to fluctuate around 2 percent of GDP in the first quarter of 2014 and about 2.5 percent of GDP in the whole year.-VNA
