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Jakarta Post

Gloomy economic outlook looms as data points to weakness

  • Prima Wirayani

    The Jakarta Post

Jakarta   /   Tue, August 16 2016   /  09:30 am

President Joko “Jokowi” Widodo’s Independence Day speech on Tuesday — which covered the direction of the country’s economy — was overshadowed by weak data on exports, consumption and the state budget that may suggest sluggish growth for the rest of the year.

Exports dropped to a seven-year low in July, while motorcycle sales, a key indicator for the domestic consumption-driven economy, plunged by 27.6 percent in the same month from the same period a year ago, according to statistics agency and industry group data.

“The economy must be growing below 5 percent, lower than the government’s target,” Samuel Assets Management economist Lana Soelistianingsih said of the trade data, adding that anticipatory measures would now be too late.

Just two weeks ago, the Central Statistics Agency (BPS) announced that Indonesia’s economic growth accelerated to 5.18...