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Indonesia revises downwards GDP target to 5.1 pct in 2015

Xinhua, May 28, 2015 Adjust font size:

The central bank of Indonesia revised downwards its forecast for the country's economic growth to 5.1 percent this year from its initial estimation of 5.4 percent due to weak export and spending, Agus Martowardojo, governor of the bank said here on Thursday

The bank estimates the gross domestic product growth in the second quarter at 4.9 percent, 5.3 percent in the third quarter and 5.4 percent in the final quarter, after the country witnessed the lowest growth since 2009 of 4.71 percent in the three months through March.

"For the whole of the year, the central bank projects the economic growth at 5.1 percent," Martowardojo told lawmakers at a parliamentary hearing.

Indonesia's gross domestic product growth reached 5.02 percent last year.

The governor revealed that the government spending would be the trigger of the economic expansion at the second quarter.

Weak government spending was blamed for the subdued economic growth in the first quarter as export and investment remained low.

The central bank governor said the acceleration of the economic growth will proceed to the fourth quarter along with the rise of the government spending, consumption and banking credits. Endi