Indonesia's economy forecast to grow by 5.3 percent in Q2 (Source: jakartaglobe)
The Indonesian economy is expected to grow by 5.1-5.3 percent in the second quarter of 2017 thanks to a rise in domestic consumption.
Minister of Economic Affairs Darmin Nasution said that local consumer spending likely rose during the Islamic holy month of Ramadan, helping to further bolster the economy, the Jakarta Globe newspaper reported.
Indonesia, Southeast Asia's largest economy, recorded 5.01 percent growth in the January-March period, higher than the corresponding periods in 2016 and 2015 as its commodity export market showed healthy signs of recovery.
Finance Minister Sri Mulyani said in May that both Indonesian exports and imports are extremely good, confirming a trend of rising prices and increased volume of the country's exports. The country exports oil, coal and copper as well as palm oil, rubber, cocoa and coffee beans to countries around the world.
However, Bank Indonesia, the country's central bank, was less optimistic, saying earlier that consumption and export rates had been lower than expected, prompting the bank to cut its GDP growth estimation to 5.1 percent for the second quarter, from 5.2 percent earlier.
VNA
