Indonesia's economy shrinks year-on-year in Q3, suffers first recession in over 20 years

Reuters

Posted at Nov 05 2020 12:58 PM

Indonesia's economy shrinks year-on-year in Q3, suffers first recession in over 20 years 1
Customers wearing protective masks take a photo at a CGV cinema amid the COVID-19 pandemic in Jakarta, Indonesia, October 21, 2020. Ajeng Dinar Ulfiana, Reuters

JAKARTA — Indonesia's economy contracted by slightly more than expected in the third quarter as the coronavirus outbreak helped trigger its first recession in over 20 years, data from the statistics bureau showed on Thursday.

Southeast Asia's largest economy shrank 3.49% on an annual basis in the July-September period, compared with a 3% decline forecast in a Reuters poll. The economy contracted 5.32% in the second quarter.

On a quarterly basis, the economy grew a non-seasonally adjusted 5.05% in the July-September period, the data showed.

More details to follow. 

Watch more on iWantTFC