Indonesia's Q1 2020 Economy Grew Only 2.97%, Lowest Since 2001

Economics & Macro

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Yosepha Pusparisa 05/05/2020 16:28 WIB

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Indonesia's economic growth was only 2.97% in the first quarter of 2020. This is the lowest figure since 2001. The agricultural sector experienced the lowest growth due to extreme weather at the begin

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Indonesia's Q1 2020 Economy Grew Only 2.97%, Lowest Since 2001

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Indonesia's Economic Growth

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The Indonesian government recorded economic growth of only 2.97% in the first quarter of 2020. This is the lowest figure since 2001.

The sector with the lowest growth in the first quarter of 2020 was agriculture, which grew by only 0.02%. This compares to growth of 1.82% in the same period the previous year. This decline was due to contraction in the food crop sub-sector and extreme weather at the beginning of 2020.

Increased production of chemicals and pharmaceuticals for export salvaged economic growth in the first quarter of 2020. The COVID-19 outbreak boosted demand in the chemical, pharmaceutical, and traditional medicine industries, which still managed to grow by 5.59%.

Editor : Safrezi Fitra

"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."