N Sulawesi's Third-Quarter Growth Expected To Grow 7.74 Pct

Manado, N Sulawesi, Aug 22 (Antara) - North Sulawesi`s economy is projected to expand to 7.34-7.74 percent in the third quarter from 7.32 percent in the previous quarter, according to the local Bank Indonesia (BI) office. "The growth will mainly be fueled by the trade, hotel and restaurant sector, the construction sector, and the transportation and communication sector," Luctor Tapiheru, the head of the BI office in Manado, stated here on Friday. Seasonal factors had contributed to the growth in third-quarter including the recently concluded Idul Fitri festivities and the presidential election, he pointed out. On the demand side, household consumption will increase due to payments of the Idul Fitri holiday allowances and civil servants` and military personnel`s 13th salaries, he stated. He remarked that North Sulawesi`s economy grew at a slower pace in the second quarter as compared to the first quarter along with the national economic slowdown. The local economy grew 7.32 percent in the quarter ending June 30, 2014, in comparison with 7.94 percent a quarter earlier, he added. After all, the economic growth was higher than the national growth of 5.12 percent in the second quarter. The province`s second-quarter growth was fueled by strong consumption and rising investment, he affirmed.