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Jakarta, CNBC Indonesia – Indonesia is officially entering a period of economic recession, characterized by the contraction of the Gross Domestic Product (GDP) for two consecutive quarters. This certainty was obtained after the publication of the GDP growth data for the third quarter of 2020.
Today Thursday (11/5/2020), the Central Statistics Agency (BPS) announced that Indonesia’s GDP in the third quarter of 2020 contracted or grew negatively by 3.49% compared to the same period of the previous year (year with year/ I and). This is the second contraction after the previous quarter. departure the economy grows negatively by 5.32% year-on-year. Indonesia has entered a legal recession for the first time since 1999.
This understanding runs deeper than market estimates. The consensus compiled by CNBC Indonesia predicts that the economy will grow by -3.13% year-on-year, while the Reuters consensus is at -3% year-on-year.
“The economies of several countries in the third quarter were better than in the second quarter. However, there are still obstacles due to the high number of Covid-19 cases. We do not know what will happen in the next quarters. The economies of various trading partners of Indonesia in the third quarter are still contracting, but not as deep as the second quarter, “said Suhariyanto, director of BPS.
Quarterly basis (quarter to quarter/ QtQ), BPS reported that Indonesia’s GDP was able to grow positively by 5.05% in the third quarter of 2020. However, the accumulated economic growth from January to September 2020 (cumulative to cumulative/ CtC) is -2.03%.
(aji / aji)
