Indonesian Economy Contracts 0.52% QoQ in Q1
Indonesia's gross domestic product shrank 0.52 percent quarter-on-quarter in the three months to March 2019, worse than market expectations of a 0.4 percent fall and following a 1.69 percent contraction in the previous period. Private consumption remained sluggish, while there were sharp declines in both fixed investment and government spending.
On the expenditure side, private consumption remained subdued (0.04 percent vs 0.09 percent in Q4), while fixed investment contracted sharply (-5.74 percent vs 3.80 percent) and government spending slumped (-45.78 percent vs 37.72 percent). Meantime, net external demand contributed positively to the GDP as imports plunged 17.34 percent (vs 2.96 percent in Q4), much more than a 7.04 percent drop in exports (vs -2.22 percent in Q4).
On the production side, activity contracted for: mining and quarrying (-0.25 percent vs -0.16 percent); electricity and gas (-3.70 percent vs 1.46 percent); water supply, sewerage, waste management and remediation activities (-0.15 percent vs 3.53 percent); construction (-4.30 percent vs 4.60 percent); transportation and storage (-0.56 percent vs 0.2 percent); public administration (-9.49 percent vs 12.47 percent); education services (-10.78 percent vs 11.45 percent); and healthcare and social activities (-1.26 percent vs 5.98 percent). By contrast, output grew the most for agriculture, forestry and fishing (14.10 percent vs -21.41 percent), followed by financial services & insurance (3.33 percent vs -0.02 percent); information and communication (2.77 percent vs 0.40 percent); real estate activities (2.52 percent vs 0.91 percent), business activities (2.44 percent vs 1.76 percent); wholesale and retail trade (1.27 percent vs -2.18 percent); accommodation and food service (0.68 percent vs 1.51 percent); and manufacturing (0.37 percent vs -1.16 percent).
5/6/2019 10:12:09 AM