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Indonesia posts first annual economic contraction since 1998 amid COVID-19 pandemic #Englishheadline

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JAKARTA: Indonesia’s economy shrank 2.07 per cent in 2020, its first contraction since 1998, as it grappled with the fallout of the COVID-19 pandemic, official data showed on Friday (Feb 5). 

Economists in a Reuters poll had forecast a 2 per cent slump in 2020, following 5.02 per cent growth in 2019.

For the fourth quarter of 2020, the economy shrank 2.19 per cent year-on-year, slightly more than expected. 

Economists in the poll had expected the economy to contract 2 per cent after it slumped 3.49 per cent in the third quarter from a year earlier. 

On a quarterly, non-seasonally adjusted basis, gross domestic product declined 0.42 per cent, after 5.05 per cent growth in the July to September period. 




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