Indonesia’s economy shrinks year-on-year in third quarter, suffers first recession in over 20 years

November 5, 2020

JAKARTA (Reuters) – Indonesia’s economy contracted by slightly more than expected in the third quarter as the coronavirus outbreak helped trigger its first recession in over 20 years, data from the statistics bureau showed on Thursday.

Southeast Asia’s largest economy shrank 3.49% on an annual basis in the July-September period, compared with a 3% decline forecast in a Reuters poll. The economy contracted 5.32% in the second quarter.

On a quarterly basis, the economy grew a non-seasonally adjusted 5.05% in the July-September period, the data showed.

(Reporting by Gayatri Suroyo and Fransiska Nangoy; Editing by Ana Nicolaci da Costa)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *