GDP: Q1 growth shows private strength
Indonesian Q1 GDP was a little lower than expected at 5.7% YoY vs consensus of 5.8% and a Q4 rate of growth of 5.4% YoY. The main culprit for the weakness appears to be government consumption.
Sales comment: On the quarter, seasonally adjusted, the economy expanded 1.4% on the quarter by our estimates. This is a lot slower than the sort of growth recorded by Singapore and most likely Malaysia in the recent past. However, Indonesia's grow momentum is trend like and a lot more sustainable in our view.
Bank Indonesia appointment
Halim Alamsyah has been appointed the new Deputy Governor.
Sales comment: As expected and a good outcome. Mr Alamsyah, currently Director of banking supervision, has good reputation in the investor and banking community. Next announcement would be the Governor of Bank Indonesia, a role vacant since Boediono left to become vice President.
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