Indonesia’s GDP grew 6.2% YoY in Q210, vs consensus expectation of 6.0%. On a QoQ basis, Indonesia’s GDP growth of 2.8% was also ahead of consensus expectation of 2.6%. The strong GDP growth during the period was driven by strong transport and communication sectors, in addition to robust private consumption and investment spending. The Statistic Bureau projects Indonesia GDP growth to be above 6% in 2010, in-line with UBS forecast, vs government and consensus expectations of 5.8% and 5.9% respectively.
The Central Bank is considering raising the reserve ratio as part of the policy normalization measure. We are waiting for details on the measure. Separately, Bank Indonesia is also considering moderating the required LDR for banks (independent of the reserve requirement levels above mentioned).
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