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| Thursday, 8 October 2015, 20:00 HKT/SGT | |
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West Sumatra, INDONESIA , Oct 8, 2015 - (ACN Newswire) - The West Sumatra representative office of Bank Indonesia (BI) said the economy of the province was estimated to grow stronger in the third quarter of this year.
Chief of the representative office Puji Atmoko said the economy of the province is expected to grow 5.5-5.9 percent in the July-September period as against a growth rate of 5.3 percent in the previous quarter.
The growth was boosted by increase in household consumption with the Idul Fitri festivities and new academic year, Puji said here on Thursday.
In addition, there was an increase in government's goods and services spending, normal toward the end of year.
Currently the regional administration starts implementation of 33 projects valued at Rp165.2 billion financed with provincial budget fund.
Increase was also recorded in the implementation of investment projects by the private sector, contributing to economic growth, Puji said.
Other indicators from the survey of business activities also showed signs of stronger growth in the third quarter, he added.
He said increase in household consumption, government spending and investment is a boon to the regional economy.
"The increase could also serve as a stimulus for the economic performance of the province," he said.
He said the largest contributor to the growth was the agricultural sector with the increase in the production of foodstuff, followed by the construction sector.
He said in whole of the year, the economy of West Sumatra is predicted to expand by 5.3-5.7 percent down from last year's growth of 5.58 percent. --Antara.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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