Baliís Economy Contracts in Q1 2012
Despite Major Infrastructure Projects Underway, Baliís Overall Economy Shrunk by 12.37% from Q4 2011 to Q1 2012
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Bank Indonesia’s Bali office reports that for Q1 2012 Bali’s economy contracted, recording a growth rate of 6.09%, down from the 6.95% reported in Q4 2011. This represents a decline of 12.37%.
Leading the economic contraction in Bali was the Hotel and Restaurant sector that grew only 8.65% for Q1 2012, down year-on-year from the 9.04% growth rate recorded for that sector in Q1 2011.
At the end of Q1 2012, Hotels and restaurants represented a 32.38% share of Bali’s economy as a whole.
According to Bank Indonesia, much of the growth taking place in Bali’s current economy is driven by a number of project now underway in anticipation of the APEC Economic Summit scheduled to be held in Bali in 2013.
[Bali by the Numbers: Bali on the March]
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