The country's gross domestic product (GDP) showed a deeper contraction than the consensus estimates of economists and the government in the range of 4.3 percent to 4.8 percent.
Head of BPS Suhariyanto said the Indonesian economy in the second quarter was valued at 3.687 trillion rupiahs ($254 million) based on current prices, while GDP at constant prices of 2010 was at 2.589 trillion rupiahs ($178 million).
“With various events in the second quarter of 2020, if we compare the GDP’s constant prices with the second quarter of 2019, our economy contracted by 5.32 percent,” said Suhariyanto during a virtual press briefing.
Compared to this year’s first quarter, Indonesia’s GDP in the second quarter contracted by 4.19. This brings Indonesia's economic contraction for the first half of 2020 to 1.26 percent from the same period last year.
Hotel and restaurant sector
Household spending declined by 5.51 percent, according to the agency. The two components that showed positive growth were housing and household appliances at 2.36 percent, and health and education at 2.02 percent. The hotel and restaurant sector shrank by 6.53 percent.
Gross fixed capital formation in the second quarter of this year saw a significant decline to 8.61 percent. Meanwhile, government expenditure contracted by 6.90 percent.
“If we look at the contraction in government consumption, the realization of spending on goods and services has declined, employee’s spending also fell, but social assistance program rose 55.87 percent,” Suhariyanto said.
Exports of goods and services contracted by 11.66 percent, while imports of goods and services contracted by 16.96 percent, he added.
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