Ready or Not, Recession Is in Sight

Summary

Indonesia's economic Gross Domestic Product (GDP) for the second quarter of 2020 contracted 5.32 percent from the same period last year (year-on-year/YoY), Statistics Indonesia (BPS) data reported on Wednesday (8/5). "There was a deep contraction, our GDP in the first quarter had fallen, though still positive compared to the previous year, while the second-quarter GDP contracted 5.32 percent," said the Head of the BPS Suhariyanto on Wednesday (8/5).

Compared to the previous quarter (quarter-on-quarter/QoQ), the second-quarter GDP contracted 4.19 percent. With two consecutive negative growths, Indonesia has fallen into a technical recession, since Indonesia's economic growth also contracted 2.41 percent (QoQ) in the first quarter.

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