ECONOMIC NEWS TEMPLATE

January 13, 2004
In general, realization of 2003 state budget was in line with the targeted although many unpredictable moments occurred in 2003.

The growth figure in 2003 was 4.1%, slightly higher than the target of 4%. Inflation was recorded at 5.06%, significantly below the government target of 6%. Exchange rate was recorded 8,577,- per USD 1, slightly higher than the forecasted figure of IDR 8,500,- per USD 1. The realized 10.2% average interest rate was also still in line with 2003 State Budget of 10.1%. In the meantime, realized oil price was higher than the target (from USD 27.9 per barrel to be USD 28.75 per barrel).

The realization of government revenue and grant in 2003 was IDR 311.1 trillion surpassed the target of IDR 342.8 trillion. On the other hand, government succeeded in reducing the expenditure and save IDR 2.4 trillion from the IDR 377.2 trillion to IDR 374.8 trillion.