Jakarta: The House of Representatives' Budget Committee has approved 2020's macroeconomic assumptions and development targets.
"This agreement will be our guidance. We will finalize the financial notes of the 2020 state budget. We will also inform other members of the cabinet," Finance Minister Sri Mulyani Indrawati said here on Monday.
According to reports, the economic growth target was agreed at 5.2-5.5 percent. Meanwhile, the inflation target was set at two-four percent. In addition, the rupiah’s exchange value was projected at Rp 14,000 to Rp 14,500 per US dollar.
The Budget Committee also approved the Indonesian Crude Price at USD60-USD70 per barrel, oil and gas lifting of 1.89-2.14 million barrels, unemployment rate of 4.8-5.1 percent, poverty rate of 8.5-9 percent as well as gini ratio of 0.375-0.380.
In May, the Central Statistics Agency (BPS) released Indonesia's gross domestic product (GDP) growth at current prices in quarter I-2019 which reached Rp3,782.4 trillion and on the basis of constant 2010 prices reached Rp2.625 trillion.
Indonesia's economic growth in quarter I-2019 to quarter I-2018 grew 5.07 percent (y-on-y), an increase compared to the quarter I-2018 achievement of 5.06 percent. In terms of production, the highest growth was achieved by the Company's Services Business Field at 10.36 percent.
Regional GDP growth in quarter I-2019 was dominated by provincial groups of Java and Sumatra. The provincial group of Java Island contributed the most to Indonesia's GDP, which amounted to 59.03 percent, followed by Sumatra Island at 21.36 percent, Kalimantan Island at 8.26 percent, and Sulawesi Island at 6.14 percent, Bali and Nusa Tenggara by 3.02 percent. Meanwhile, the lowest contribution was given by provincial groups of Maluku Island and Papua.