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International 2013:Q1
Indonesia trade balance deficit in 2012 was accounted for USD 1.7 billion, which is worse compared to its performance in 2011 that registered surplus USD 26.1 billion. The weakening of Indonesia balance of trade in 2012 is attributable to the decrease in the oil and gas’ trade balance from surplus of USD 0.8 billion in 2011 to deficit of USD 5.6 billion in 2012. Besides, the deteriorating of Indonesia trade balance also caused by the decrease of non oil and gas’ trade balance from USD 25.3 billion in 2011 to USD 4 billion in 2012.
Developments in Government Finances and Fiscal 2013:Q1
Developments in Government Finances
The state of macroeconomic conditions at the end of 2012 was not consistent with assumptions that underpinned 2012 revised budget. Uncertainty that continue to bedevil economic conditions in the domestic economy and the global economy, have constrained growth of the economy to just 6.2%, which is below the assumption of 6.5% in the 2012 revised national budget. This is in part attributable to the trade deficit registered in 2012. In addition, budget utilization or absorption rate in 2012 was 95.6%, hence below target.
Developments in Monetary Sector 2013Q1
A.Money Supply
In line with weakening economy growth in the domestic economy, money supply growth has become more sluggish. In December 2012, M2 growth decreased to 14.9% (YoY) compared with 16.4% (YoY), which was registered in December 2011. By the same token, MI growth also decreased to 16.4 %(YoY) in December 2012, smaller than 19.4% (YoY) in December 2011. The decrease in the growth of M2 and MI is attributable to the decrease in Rupiah demand deposits, caused by slower credit expansion as a result of weakening economic growth from 6.5% (2011) to 6.23% (2012).