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Indonesia 1Q15 CAD: Volatile and risky for IDR

In line with market estimate, 1Q15 current account deficit (CAD) improved from 4Q14 figure of USD5.7bn or 2.6% of GDP (1Q14: 1.9% of GDP; USD4.1bn) to USD3.8bn or 1.8% of GDP, supported by oil & gas deficit (exhibit 1) of USD1.2bn, down 47.7% y-y (1Q14: -USD2.8bn; -4.7% y-y). Improved 1Q15 CAD was affected by seasonality, as business activities and government expenditures were relatively slow in the first quarter.

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