Indonesia’s Q1 GDP forecast to grow lower than 5.01 pct
Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year despite the government's efforts to boost buying power and exports.
Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year. (Source: asia-first.com)
Jakarta (VNA)- Indonesia's economy is forecast to grow at a slower rate in the first quarterof this year despite the government's efforts to boost buying power and exports.
Indonesian ChiefEconomic Minister Darmin Nasution said on March 19 that he estimated thecountry's gross domestic product (GDP) in the first three months will growlower than 5.01 percent, the pace recorded in the same period last year.
Nasution explained thatthe country's harvest season of rice will take place in April, instead ofMarch, reducing contributions of the farming sector to the national economy.
The government hasdecided not to raise fuel price in the first quarter and would keep electricityprices steady by year end, in an effort to boost people’s buying power in thecountry where consumption accounts for over half of GDP growth.
Nasution said creditgrowth which has yet to completely recover in the period will affect theperformance of the retail sector as well as its contributions to the nationaleconomy.
He added that slowdemand of loans indicates the economy's slowing growth. In February, loangrowth was recorded at 8 percent year-on-year.
Official statistics inFebruary 2018 revealed that Indonesia’s economy grew 5.1 percent in 2017, aslight increase as compared with 5.0 percent in 2016 in the context thatIndonesia’s central bank cut interest rates. However, many experts have notpinned high hope on high economic growth this year.
The economy in the fourth quarter of 2017expanded higher than the forecast thanks to a pick-up in private consumption,government spending and investment growth, which more than offset a pullback innet exports, said Gareth Leather, senior Asia economist at research houseCapital Economics.
Leather said Indonesia's economic growth waslikely to remain at around 5.0 percent this year and in 2019. - VNA
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Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year. (Source: asia-first.com) 
