BI ESTIMATES Q4 GROWTH RATE AT 5.9 PCT

Jakarta, Nov 5 (ANTARA) - Bank Indonesia (the central bank/BI) has projected the country's economy to grow by 5.9 percent in the fourth quarter of this year, bringing to 6.1-6.2 percent the full-year economic growth rate.

"The current global financial crisis has caused many countries to revise downward their economic growth rates. The condition will lead to a decline in our exports," Bank Indonesia Deputy Governor Hartadi A. Sarwono said when opening a seminar on the impact of the global crisis here on Wednesday.
With the economic growth rate estimated at 5.9 percent for the fourth quarter of 2008, the economy would expand by a range of 6.1 to 6.2 percent this year, he said.
He said the economy was estimated to have grown by 6.3-6.4 percent in the third quarter of 2008.
"We should likewise realize that our economic growth will decline. Our balance of payment is currently experiencing a fairly large deficit. But our economic activities are still high, growing by 6.3-6.4 percent (in the third quarter)," he said.
In response to the current global economic slowdown, the government has lowered its economic growth rate target for this year to 6.46 percent from 6.8 percent previously.
Next year, the economy is expected to grow by 6 percent.