MACROECONOMIC ANALYSIS SERIES: BI Board of Governor Meeting, May 2019

Slow investment due to the wait-and-see stance of investors amidst the general election and the trend of falling commodity prices has led to lower-than-expected economic growth in Q1 2019. By sector, lower growth was significantly contributed by the continuation of slowing manufacturing growth in the three consecutive quarters. Last month inflation figure remained low at 2.83% (yoy), compared to 3.41% inflation in the same month last year, reinforcing the notion that domestic demand has not fully responded to the democracy celebration and the
upcoming Ramadhan season.

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