The Financial Express

Indonesia economy shrinks 0.74pc in first quarter

| Updated: May 14, 2021 18:00:41

Indonesia economy shrinks 0.74pc in first quarter

Indonesia’s economy shrank for the fourth straight quarter in January-March but at a much more modest pace, statistics bureau data showed on Wednesday.

Southeast Asia’s largest economy contracted 0.74 per cent in January-March from the same period a year earlier, compared with a 2.19 per cent contraction in October-December, reports Reuters.

Analysts polled by Reuters had forecast a 0.74 per cent drop, while the country’s planning minister had expected a fall of between 0.6 per cent to 0.9 per cent.

On a quarterly, non-seasonally adjusted basis, the economy contracted 0.96 per cent, compared with a drop of 0.42 per cent in October-December and forecasts of a 1.04 per cent decline.

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