Jakarta: Indonesia's Central Statistics Agency announced today the country's gross domestic product (GDP) contracted by 5.32 percent (yoy) in the second quarter of 2020.
"Due to the impact of the covid-19 pandemic, Indonesia's econonomy in the second quarter of 2020 contracted by 5.32 percent," BPS chairman Suhariyanto said during a virtual press conference here on Wednesday morning.
Compared to the first quarter of 2020, Indonesia's GDP in the second quarter of 2020 contracted by 4.19 percent. Compared to the first half of 2019, Indonesia's GDP in the first half of 2020 contracted by 1.26 percent. The country's GDP grew by 2.97 percent (yoy) in the first quarter of 2020.
"The Covid-19 pandemic has created a wide range of problems from public health issues to socio-economic issues," the BPS chairman said.
Nevertheless, early indicators of domestic demand regained some upward momentum in June 2020, including retail sales, the Purchasing Managers Index, consumer expectations and other domestic indicators.
In addition, Exports of several commodities also improved in June 2020, including iron and steel, boosted by demand from China for infrastructure projects.