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Economy in brief: BI increases export drop forecast
Bank Indonesia has revised its export drop forecast to 14 percent from the previous 11 percent amid weak performances in the countryâs exports in the last five months
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ank Indonesia has revised its export drop forecast to 14 percent from the previous 11 percent amid weak performances in the country's exports in the last five months.
BI Governor Agus Martowardojo said that the revision was based on the central bank's latest estimate that the country's exports would plunge deeper by at least 14 percent to US$151.61 billion this year.
According to the National Bureau of Statistic (BPS) report, Indonesia's export in 2014 decreased 3.43 percent to only US$176.29 billion compared to the export figure recorded in 2013.
Based on BI's projection, the country's exports will go down further to only US$151.61 billion this year.
The slow recovery of Indonesia's main trading partner China has become one factor that caused Indonesia's exports to fall deeper this year. BI predicts that China's economic growth will only hit 7.1 percent this year. 'This will make Indonesia rely on domestic investment, government spending and Indonesian consumer consumption,' Agus said on Monday as quoted by Kontan.
