Indonesia 2012 current account deficit at 2.7% of GDP, wider than expected
JAKARTA (REUTERS) - Indonesia's current account deficit in 2012 was 2.7 per cent of gross domestic product, wider than the initial target of 2.4 per cent, the central bank said on Wednesday.
The full year's current account deficit was US$24.18 billion (S$30 billion), compared with a surplus of US$1.7 billion in 2011, as exports from Southeast Asia's largest economy fell while imports surged, giving the country its first-ever trade deficit.
The current account deficit in the fourth quarter was US$7.76 billion, Bank Indonesia said, which it said was equivalent to 3.6 per cent of GDP.
Worries about trade and current account deficits have raised concerns among investors and pressured the rupiah, making it the worst performing emerging Asian market currency last year.