Indonesia's GDP Contracts Most Since 1999
05 August 2020 - 06:06AM
RTTF2
Indonesia's economy contracted at the fastest pace since the
Asian financial crisis as measures to control the spread of
coronavirus pandemic took its toll on consumption, investment and
trade, data from the statistics bureau revealed Wednesday.
Gross domestic product fell 5.32 percent year-on-year in the
second quarter, reversing last quarter's 2.97 percent growth.
This was the biggest drop since the first quarter of 1999 and
also larger than economists' forecast of 4.61 percent decline.
On a quarterly basis, Southeast Asia's biggest economy
contracted 4.19 percent versus the expected decrease of 3.49
percent.
The expenditure-side breakdown of GDP showed that household
consumption declined 5.51 percent annually and government
expenditure dropped 6.9 percent.
Likewise, investment decreased 8.61 percent. Exports and imports
were down 11.66 percent and 16.96 percent, respectively.
The government forecast GDP to log -0.4 percent to 1 percent
growth in the full year of 2020.
In order to support economic growth, the central bank had
reduced its key interest rate by 100 basis points so far this
year.
ING economist Nicholas Mapa said the economy is set to contract
in the third-quarter too by 5.1 percent with pressure on Indonesian
fiscal and monetary authorities to provide more stimulus to bolster
sagging growth momentum.
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