Indonesia’s 2Q 2020 GDP Recorded as the Worst in over Two Decades

Statistics Indonesia (BPS) reported Indonesia’s second quarter 2020 (2Q 2020) gross domestic product (GDP) contraction at 5.32% year-over-year (YoY), sharper than the Government of Indonesia’s estimate of 4.3% YoY, and the worst recorded since the 1998 Asian Financial Crisis.

Speaking at a press briefing, BPS Head, Suhariyanto commented on the GDP performance stating that COVID-19 has had a devastating impact on social and economic conditions in Indonesia, as well as health care. Large-scale social restrictions imposed during March and April 2020 resulting from the on-set of the COVID-19 pandemic halted business activity across the country.

According to Suhariyanto, de...