Jakarta. Indonesia’s first-quarter GDP growth slowed on the back of a contraction in exports and public spending, the government said Monday, despite efforts to rev up Southeast Asia’s biggest economy.
The latest figures present another challenge to Indonesia’s President Joko Widodo who came to office in 2014 on a pledge to boost annual growth to seven percent.
But Indonesia’s commodity-driven economy has been stuck in the 5 per cent growth range despite repeated interest rate cuts by the central bank over the past couple of years.
On Monday, Indonesia said its economy grew 5.06 per cent in the January-March period, slightly off a 5.2 per cent growth rate it saw in the previous three months, as lacklustre consumer spending also weighed on activity. (AFP)