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Indonesia lowers 2016 economic growth target

by ChemOrbis Editorial Team -
  • 09/06/2016 (12:25)
According to media reports, the Indonesian government cut its economic growth target for this year to 5.1% from its initial estimates of 5.3% due to weak domestic consumption and lower tax revenues.

In the first quarter, Indonesia’s gross domestic product (GDP) grew 4.92% compared with growth estimates of 5.02%. However, Indonesia’s first quarter growth was faster than the growth rate of 4.79% posted in the same period of 2015. The government also lowered its inflation target to 4% from the previous forecasts of 4.7%.

The Economy Ministry stated that the country’s investments and exports will remain subdued due to weakening global demand. According to the ministry, Indonesia’s investments may expand just 6% due to weak global conditions.
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