JAKARTA. Indonesia's economy grew by 4.73 percent in the third quarter of 2015, a slower growth rate compared to the same period last year, which was 5.01 percent, according to the Central Statistics Agency (BPS).

The growth rate improved however, compared to this year's second quarter, in which the country's economy recorded growth of 3.21 percent.

"Judging economic growth on a quarter per quarter basis, the third quarter's growth rate was faster than the second and first quarters. Hopefully it is a turning point for our economy," BPS deputy head of balance and statistics analysis, Kecuk Suhariyanto, told a press conference in Jakarta on Thursday.

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The 4.73 percent growth rate in the third quarter was lower than Bank Indonesia's prediction, which said that the country's growth would stand at 4.9 percent.

Finance Minister Bambang Brodjonegoro also predicted Indonesia's GDP would grow by 4.85 percent in this year's third quarter.

Indonesia’s economy is measured based on the volume of the gross domestic product (GDP), which is based in turn on prices valid in the third quarter of 2015 and constant prices in 2010. The figures reached Rp 2.98 quadrillion (US$219.44 billion) and Rp 2.31 quadrillion, respectively.

On the production side, said Suhariyanto, the growth of Indonesia’s GDP in the third quarter was supported by almost all business sectors. Among the highest contributors included the information and communications sector, which grew by 10.83 percent year-on-year (yoy), the financial and insurance service sectors (10.35 percent) and education services (8.25 percent).

“Excluding mining excavation, all sectors recorded positive growth,” he added.

On the spending side, Indonesia’s economic growth was supported by almost all components. The highest growth rate was achieved by government consumption spending, which rose by 6.56 percent (yoy).

“Government consumption spending in the third quarter was much better than last year's third quarter, which only stood at 1.33 percent,” said Suhariyanto.

BPS also reported that Indonesia’s economic structure in the third quarter of 2015 was dominated by provincial groups in Java and Sumatra. Bali and Nusa Tenggara recorded the highest growth at 11.75 percent compared to the previous quarter. Meanwhile, Kalimantan's growth contracted 0.41 percent.

“East Kalimantan suffered the worst contraction with 3.49 percent,” he said. (Ayomi Amindoni)