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Indonesia's Q2 GDP shrinks by 5.3% y-o-y, sharper than expected

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Indonesia's economy contracted in the second quarter for the first time since 1999 as efforts to contain the coronavirus pandemic hit consumption and business activity, official data showed on Wednesday.

[JAKARTA] Indonesia's economy contracted in the second quarter for the first time since 1999 as efforts to contain the coronavirus pandemic hit consumption and business activity, official data showed on Wednesday.

Southeast Asia's largest economy shrank by a sharper-than-expected 5.32 per cent in the April-June period from a year earlier, according to data from Statistics Indonesia, the weakest since first quarter of 1999.

The data was weaker than expected, with economists in a Reuters poll forecasting a contraction of 4.61 per cent. The economy grew 2.97 per cent year-on-year in the first quarter.

Indonesia's economy shrank 4.19 per cent quarter-on-quarter in the April-June period on a non-seasonally adjusted basis.

REUTERS

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