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Jakarta, CNBC Indonesia– After experiencing a contraction in the second quarter of 2020 of -5.32%, the Indonesian economy improved as seen in the contraction reduced to -3.49% in the third quarter of 2020 on a YoY (YoY) basis.
In just a few months, the Indonesian economy began to recover from the effects of the slowdown caused by the Covid-19 pandemic. In fact, other countries are still struggling with this problem amid the uncontrolled transmission of Covid-19.
The coordinating Minister of Economic Affairs, Airlangga Hartarto, revealed that the key to a faster economic recovery was the government policies that were carried out intensively in the efforts of Management of Covid-19 and National Economic Recovery (PC-PEN ). Government intervention in health management has stimulated confidence that has subsequently increased community activities.
“Likewise, government intervention through economic recovery programs aimed at curbing the rate of decline in economic performance has been successful in boosting public consumption and private investment,” Airlangga said in a press release on economic growth. the Merdeka Palace, Jakarta, on Thursday (11/5). ).
In greater detail, he explained that the government intervened on the demand side, which was supported by the government’s consumption growth of 9.76% (year-on-year).
Meanwhile, improvements were also seen on the supply side. There are sectors that shot up after growing less in the previous quarter, namely: the transport and storage sector grew 24.28% from -29.18% in the previous quarter, the accommodation and food and beverage sector grew 14, 79% compared to the previous quarter at position -22. , 21%, the manufacturing industry grew 5.25% from -6.29%, and the commerce sector grew 5.68% from -6.71% in the previous quarter.
“In line with the relaxation of social restriction policies, significant improvements were also experienced in the transport and storage sector, as well as in the accommodation and food and beverage provision sector (mamin), which previously experienced the deepest contraction , but this quarter saw the highest quarter-on-quarter growth, “explained Airlangga’s Coordinating Minister. .
Then, signs of improvement can also be seen in a number of economic indicators such as the Purchasing Managers Index (PMI), the Consumer Confidence Index (IKK), the Retail Sales Index and the trade balance surplus.
Signs of this economic recovery can also be seen in the third quarter economic growth based on spending, which also shows an improvement over the second quarter.
Household consumption grew by 4.70% from -6.53% in the second quarter, Gross Fixed Capital Formation (PMTB) grew by 8.45% from -9.71% in the previous quarter and Expenses of the Government increased 16.93%.
Spatially, he continued, the performance of regional economic growth is still strongly influenced by health factors that cause physical and social restrictions, as well as tourist activities. However, regional economic growth in the third quarter, compared to the second quarter, shows positive figures for all provinces.
Like DKI Jakarta, which grew 8.38% and contributed to the national GDP by 17.66%. The province of East Java grew by 5.89% with a contribution of 14.73%, South Sulawesi grew by 8.18% and contributed 3.33%, and North Sumatra which grew by 3.13 % with a contribution of 5.13%.
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