Economics
Indonesia Economy Shrinks for First Time Since Asian Crisis
- Annual, quarterly figures both come in below expectations
- President sees signs of recovery, but virus cases still rising
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Indonesia’s economy contracted for the first time since the aftermath of the Asian Financial Crisis more than two decades ago, as movement restrictions to contain the coronavirus outbreak took a toll on Southeast Asia’s largest economy.
Gross domestic product declined 5.32% in the second quarter from a year ago, data from the statistics bureau showed Wednesday, its deepest contraction since the first three months of 1999. The median estimate in a Bloomberg survey of economists was for a 4.72% slump. GDP fell 4.19% compared to the previous quarter, worse than the 3.65% drop expected.