Indonesia in Recession; Indonesian Economy Shrinks 3.49% in Q3 2020

Economics & Macro

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Dwi Hadya Jayani 05/11/2020 12:04 WIB

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Indonesia's Statistics Agency (BPS) recorded a -3.49% year-on-year (yoy) economic contraction in the third quarter of 2020.

Indonesia's Annual Gross Domestic Product (GDP) Growth Rate (Year-on-Year/YoY)

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Indonesia in Recession; Indonesian Economy Shrinks 3.49% in Q3 2020

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Indonesia's Annual Gross Domestic Product (GDP) Growth Rate (Year-on-Year/YoY)

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The COVID-19 pandemic struck Indonesia's economy, plunging it into recession. Badan Pusat Statistik (BPS), Indonesia's Central Bureau of Statistics, recorded a -3.49% economic contraction in the third quarter of 2020 (year on year/yoy). This marks two consecutive quarters of contraction for Indonesia. However, this quarter's economic growth was better than the second quarter of 2020, which saw a negative growth of 5.32% (yoy). This improvement was triggered by the easing of large-scale social restrictions (PSBB) in several regions.

Annually, almost all sectors of the Gross Domestic Product (GDP) experienced contraction. The highest contractions occurred in the transportation and warehousing sector (-16.7% yoy) and the trade sector (-5.03% yoy). In terms of expenditure, the largest decreases were seen in imports (-21.86% yoy) and exports (-10.82% yoy). Household consumption, the engine of Indonesia's economy, contracted by 4.04% (yoy).

For information, the most widely used definition of a recession is two consecutive quarters of negative economic growth or contraction.

Editor : Muhammad Ahsan Ridhoi

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."