14:35 | 07/05/2015 Global Economy
The Indonesian economy expanded 4.71 percent in the first three months of this year, slowing slightly from 4.89 percent during the fourth quarter of last year, according to the Indonesian statistics agency.
A shop in Aceh, Indonesia. (Source: Bloomberg)
Indonesia’s growth was hurt by a slowing demand for exports triggered by changes in the country’s export markets and falling oil prices, said Head of the Indonesian Central Statistics Agency (BPS) Suryamin.
He added that Java island made the greatest contributions to the national GDP (58.3 percent), followed by Sumatra island (22.56 percent) and Borneo island (8.26 percent).
In March, Bank Indonesia (BI) forecasted the country’s growth would pick up over the next few months as spurred by strong inpidual consumption.
Indonesia’s economy growth is expected to reach 5.4-5.8 percent in 2015 thanks to improvements in infrastructure projects and the investment climate.