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Faster growth expected for Q4 2016: Indonesian president

Xinhua, November 7, 2016 Adjust font size:

JAKARTA, Nov. 7 (Xinhua) President Joko Widodo on Monday said Indonesia expected faster growth by yearend as the country reported better-than-anticipated economy in the third quarter.

The Southeast Asia's largest economy grew 5.02 percent in July-September from the same period last year, slower than the 5.19 percent year-on-year growth in the second quarter, according to the central statistics agency (BPS).

"We had projected growth would be slightly below 5 percent, but it turns out to be just above it," said Joko in Jakarta as quoted in a statement published by the Cabinet Secretary.

According to BPS data, the government spent 45 trillion rupiah (about 3.4 billion U.S. dollars) less during the July-September period compared to the corresponding period a year ago, cutting efforts to drive the economy in the quarter.

The president added that massive government spending would help spur the economy in the final quarter of this year, but warned that slowing global economy would continue to pose potential setbacks to Indonesia's growth.

"Budget disbursement usually expands in the fourth quarter. That should trigger growth," says Joko.

Indonesia has forecast economy at 5.2 percent for full-year of 2016. Endite