JAKARTA, March 19 (Xinhua) -- Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year despite government's efforts to boost buying power and exports.
Indonesian Chief Economic Minister Darmin Nasution said on Monday that he estimated the country's gross domestic product will grow lower than 5.01 percent in the first three months.
Nasution said the country's harvest season of rice, the staple food for most of 258 million Indonesian people, will take place in April, instead of March.
Indonesia's economy expanded 5.01 percent year-on-year in the first quarter of 2017, according to the national statistics bureau.
Nasution said that slow demand of loan indicates the economy's slowing growth.
In February loan growth was recorded at 8 percent year-on-year, according to the central bank.
The government has decided not to raise fuel price in the first quarter and would keep electricity prices steady by year end, in an effort to generate people buying power in the country where consumption accounts for over half of GDP growth.
