DENPASAR. Indonesia's Bali province saw its economy growing by 6,04% in the first quarter of 2016, compared to 5,95% in the previous quarter, with real output reaching Rp 32 trillion, according to Bank Indonesia (BI).
"The economic growth is higher than the national economic growth figure of 4,92% (year-on-year)," Head of the BI Representative Office in Bali, Dewi Setyowati, said here on Saturday.
She said a decline in fuel oil prices, electricity tariff and LPG price throughout the first quarter of 2016 pushed household consumption which contributed 9,05% to the economic growth.
Exports grew by 11,64%, fueled by economic recovery in the export destinations, which increased demand and encouraged exporters to diversify their export market, she said.
"The export performance was also supported by service export growth, along with the improving performance of the tourism industry," he said.
The improving tourism performance was driven due to the holidays period, including the lunar new year (Imlek) and Easter.
Meanwhile, investment growth was fueled by non-construction investment performance as reflected by the rising import of capital goods at the end of the first quarter, he said.
"The high investment growth was also supported by business agents' optimism about economic development along with BI's decision to cut BI Rate and improvement of regional macroeconomic scenario," she said. (Dewa Wiguna)
