Indonesia Growth Picks Up

Indonesian growth accelerated slightly in the first quarter on improving exports, official data showed, but the outlook for the recovery in Southeast Asia’s top economy is subdued, AFP reported. President Joko Widodo came to power in 2014 on a pledge to boost growth to 7% but his government has struggled to lift rates in the country, which is rich in resources but has suffered from a slump in commodity prices. The economy grew 5.01% year-on-year in January-March, slightly up from the previous quarter’s 4.94%, according to the statistics agency. Exports surged 20.8% on-year and grew 1.33% from the previous three months, said statistics agency chief Suhariyanto, who goes by one name. The increase came on the back of a jump in the prices of some food exports, such as tea and shrimp, according to the statistics agency, while improving conditions in key destinations such as China and the US also helped. However, consultancy Capital Economics said falling prices of coal and palm oil—key exports for the nation—were weighing on growth.