Indonesia’s central bank downgrades GDP growth prediction
Bank Indonesia (BI) has reduced its country’s GDP growth forecast from the previous 5 – 5.4 percent to 4.9 – 5.3 percent for this year, the Jakarta Globe newspaper reported.
Jakarta (VNA)🔯 – Bank Indonesia (BI) has reduced its country’s GDP growth forecast from the previous 5 – 5.4 percent to 4.9 – 5.3 percent for this year, the Jakarta Globe newspaper reported.
The slower than expected global economy recovery post-Brexit had contributed to the forecast revision, BI Governor Agus Martowardojo said.
Meanwhile, the Indonesian Government plans to cut 184 trillion rupiah (about 14.2 billion USD), including previously announced budget cut in a bid to keep budget deficit below the legal limit of 3 percent of GDP.
During the first semester, the government spent 37 percent of the 1,306 trillion rupiah (99 billion USD) budgeted in the 2016 revised state budget, according to the Central Statistics Agency.
The country's GDP expanded 4.91 percent in the first quarter of 2016 and 5.18 percent in the following quarter.-VNA
Indonesia’s second-quarter economic growth has surpassed expectation as spending surged, particularly during Ramadan holiday, said the country’s statistics bureau.
Bank Indonesia (BI) has reported that the country’s foreign exchange reserves at the end of July increased by 1.6 billion USD to 111.4 billion USD, up from 109.8 billion USD in June this year.
Indonesia’s trade surplus in July fell to 590 million USD from 900 million USD since exports fell faster than imports, according to the country’s statistics bureau.
Indonesian President Joko Widodo, in an annual speech at the People’s Consultative Assembly, said the government has achieved 96 percent of the goals set out in its 12 economic stimulus packages.
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Illustrative image (Photo: energitoday.com)
