Bank Indonesia for Bali and Nusa Tenggara is predicting that the national school holidays that coincide with the fasting month set to begin on June 28, 2014 will fuel economic growth for Q2 2014.
As quoted by Metrobali.com, Benny Siswanto, chief of Bank Indonesia in Bali said, “In Q2 2014 we think the development of the economy will be higher than during Q1 2013, that was slow.”
Siswanto said that the diversion of foreign tourists to Bali from Thailand could be expected to provide a boost to Bali’s economy in Q2. He also felt that, based on surveys conducted by Bank Indonesia, consumer and business confidence would remain high in the second quarter.
Economists at Bank Indonesia also believe that Bali’s agricultural sector would make a positive contribution to the Island’s economy due to prevailing good weather conditions. In the same vein, good weather is expected to positively impact Bali’s fishing sector.
Favorable conditions bolster Bali’s economy that Bank Indonesia predicts will grow at a rate of 5.2-5.8% in Q2 2014.
Economic growth in Bali in Q1 2014 slowed to 5.43%, down from growth rates for Q4 2013.
The slowing growth rate in Q1 2014 was blamed by Bank Indonesia on slowing infrastructure growth reduce demand for residential property.
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