Indonesia's economy contracted in the second quarter for the first time since 1999 as efforts to contain the coronavirus pandemic hit consumption and business activity, official data showed on Wednesday.
FILE PHOTO: Stacks of containers are seen at Tanjung Priok port amid the coronavirus disease outbreak in Jakarta, Indonesia, August 3, 2020. REUTERS/Ajeng Dinar Ulfiana
JAKARTA - Indonesia’s economy contracted in the second quarter for the first time since 1999 as efforts to contain the coronavirus pandemic hit consumption and business activity, official data showed on Wednesday. Southeast Asia’s largest economy shrank by a sharper-than-expected 5.32% in the April-June period from a year earlier, according to data from Statistics Indonesia, the weakest since first quarter of 1999.
The data was weaker than expected, with economists in a Reuters poll forecasting a contraction of 4.61%. The economy grew 2.97% year-on-year in the first quarter. Indonesia’s economy shrank 4.19% quarter-on-quarter in the April-June period on a non-seasonally adjusted basis.Our Standards:
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