Indonesia's economy shrank to 2.97 percent in first quarter: BPS

Indonesia's economy shrank to 2.97 percent in first quarter: BPS

BPS Chief Suhariyanto. (ANTARA/HO)

Jakarta (ANTARA) - Indonesia’s economic growth in the first quarter of 2020 contracted to 2.97 percent, from 5.07 percent during the corresponding period last year, according to the Central Statistics Agency (BPS).

"This condition is akin to that of other countries that witnessed a deeper slowdown," BPS Chief Suhariyanto remarked during a virtual press conference in Jakarta on Tuesday.

The BPS noted that the weak pace of growth of Indonesia’s economy was influenced by the global economic growth in the third quarter of 2020 that had contracted owing to the COVID-19 pandemic.

Finance Minister Sri Mulyani Indrawati had earlier forecast the first-quarter economic growth at 4.5-4.6 percent.

The forecast was more optimistic since COVID-19 had not affected the domestic economy until early March of 2020.

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