Indonesia's economy shrank 2.41 percent on quarter in the three months to March 2020, the steepest quarterly contraction since the last quarter of 2009 and compared to market consensus of a 1.27 percent slump. The COVID-19 crisis took a huge toll on the economy, with nonessential businesses being closed since mid-March. Negative contributions came from household consumption (-1.97 percent vs 0.04 percent), government spending (-44.2 percent vs 37.05 percent) and fixed investment (-7.89 percent vs 3.69 percent). In addition, both exports and imports tumbled. On the production side, activity contracted for manufacturing, utilities, construction, wholesale & retail trade, transport & warehouse, business services, accommodation, food & beverages, and education and others.
GDP Growth Rate in Indonesia averaged 1.31 percent from 2005 until 2020, reaching an all time high of 4.21 percent in the second quarter of 2018 and a record low of -3.57 percent in the fourth quarter of 2008. This page provides - Indonesia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Indonesia GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Statistics Indonesia
GDP Growth Rate in Indonesia is expected to be 3.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Indonesia to stand at -1.80 in 12 months time. In the long-term, the Indonesia GDP Growth Rate is projected to trend around -1.30 percent in 2021, according to our econometric models.