Consumers upbeat over Indonesia's economy

Source: Xinhua| 2019-03-06 19:53:54|Editor: xuxin
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JAKARTA, March 6 (Xinhua) -- Consumers in Indonesia stoked confidence on the country's economy as the consumer confident index was relatively stable in February, a survey of the central bank showed here on Wednesday.

Consumer confidence index of the Indonesian central bank, Bank Indonesia, touched 125.1 in February compared with 125.5 in January. It came higher than the figure of the whole of last year of 123.6.

Reading above 100 means consumers are optimistic on the economy, while the reading sort of the figure indicates pessimism.

The consumer's optimistic stance was driven by their expectation on the condition of the economy at present and in the future.

Optimism over the availability of new jobs and earnings within the next 6 months factored to the optimism on the economy.

The relatively steady consumer confidence index in February was in line with the country's annual core inflation in the month.

Data from the national statistics bureau revealed that annualized core inflation, stripping off administered prices and volatile food prices, was steady at 3.06 percent in February.

Household consumption contributes more than a halve of the gross domestic product growth in Indonesia.

The Indonesian government forecasts the Southeast Asia's biggest economy to expand 5.3 percent this year after growing 5.17 percent last year, the highest in five years.