Indonesia's GDP growth hits 6.2%

It's bad news as it is the slowest rate since 2010.

According to OCBC, Q3 GDP growth came in at 6.2% yoy, the slowest pace of expansion in the economy since end-2010. Nevertheless, clearly evident in the Q3 GDP data is the fact that domestic demand remains the strong backbone to growth prospect, with investment growth remarkably staying in the double digit territory.

Here's more from OCBC:

Current account deficit eased to USD 5.3bn in Q3, smaller than the USD 7.7bn seen in Q2, while the capital/financial account surplus inched up to USD 5.96bn from USD 5.05bn previously. As a result, the overall BOP position is back in the positive, at USD 0.8bn for the period, from a USD 2.8bn deficit in Q2.

The BI maintained its policy rate unchanged at 5.75% and reiterated their optimism on the country’s growth prospect in 2013. Additionally, BI also suggested that pressure on the IDR to depreciate has been less intense in recent weeks, amidst improved external flows.

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