Thursday, June 13, 2013

Indonesia's Macroeconomic Assumptions for the 2013 Revised State Budget

courtesy sindonews.com
- After a long and arduous discussions between the parliament and the government, some basic macroeconomic assumptions for the 2013 revised state budget have been agreed yesterday. This progress paves the way for the government to immediately raise subsidized fuel prices later this month.

- The assumptions figures are as follows:
a. Economic growth at 6.3%, modestly higher than the level proposed by the government at 6.2%.

b. Inflation at 7.2%

c. Rupiah at 9,600 a dollar

d. 3 Month Treasury Bill at 5%

e. Oil price at $108 a barrel

f. Oil lifting 840.000 barrel a day

g. Gas lifting 1,240 equivalent with oil a day

 - Finance minister Chatib Basri said, based on those assumptions , the country might suffer budget deficit 2.38% of gross domestic product this year, less than the government's initially forecast at 2.48%. According to the law, the limit for the budget deficit set at 3%.


- "The lower deficit we agreed with the parliament's budget committee is a prudence signal from the government in implementing fiscal policy."

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