DENPASAR ~

The Balinese economy in the third quarter of 2014 grew at a slower pace than in the previous quarter, contracting 0.03 point to 2.78 percent.

“The third-quarter growth was fueled by all sectors, with the service sector recording the highest growth of 8.05 percent,” chief of the Central Statistics Agency (BPS) office in Bali province Panusunan Siregar said on Wednesday.

The agricultural sector meanwhile grew by 0.03 percent, which is the lowest among other sectors.

The third-quarter economic growth expanded by 6.53 percent year-on-year, fueled by all economic sectors, he said.

The construction sector recorded the highest growth of 10.61 percent and the agricultural sector posted the lowest growth of 1.86 percent.

Cumulatively, the Balinese economy grew by 6.08 percent till the third quarter of 2014.

Panasunan said the nominal value of Bali’s regional gross domestic product (PDRB) reached Rp27.10 trillion based on the current prices in the third quarter of 2014, and Rp9.40 trillion based on the constant prices of 2000.

On the component use side, household consumption and exports still contributed the greatest chunk of the PDRB in the third quarter of 2014.

He said the economic slowdown in the third quarter was caused by low household and government consumption.