Indonesia's economy grew 4.92 per cent year-on-year in the first quarter, the Central Bureau of Statistics said Wednesday, lower than the previous quarter and missing analysts' estimates.
Lower spending and reduced exports were to blame for the slowdown, the bureau said. The central bank had forecast growth of 5.2 per cent for the first quarter.
The Indonesian economy grew 4.79 per cent for the year of 2015, the slowest pace in six years. The fourth quarter showed 5.02-per-cent growth year-on-year.
Quarter-on-quarter, the first three months of 2016 contracted at an annualized rate of 0.3 per cent. President Joko Widodo has introduced packages of measures to speed up infrastructure development and attract investors to boost growth.