Saturday, 9 Zulqaidah 1442 / 19 June 2021

Saturday, 9 Zulqaidah 1442 / 19 June 2021

Indonesian economy contracted in first quarter of 2021

Rabu 05 May 2021 14:33 WIB

Rep: Novita Intan/ Red: Elba Damhuri

Indonesia's economic growth: Indonesia's economy is still in a negative area in the first quarter of 2021. However, economic activity continues to increase amid the COVID-19 pandemic situation.

Indonesia's economic growth: Indonesia's economy is still in a negative area in the first quarter of 2021. However, economic activity continues to increase amid the COVID-19 pandemic situation.

Foto: Hafidz Mubarak A/ANTARA
Indonesia's economy in the first quarter of 2021 is still in the minus zone

REPUBLIKA.CO.ID -- Indonesia's economy in the first quarter of 2021 is still in the minus zone. However, the trend shows that there is an increase in economic activity that has driven economic growth up.

The Central Statistics Agency (BPS) announced that Indonesia's economic growth contracted 0.74 percent year on year (yoy) in the first quarter of 2021.

In the first three months of 2021, Indonesia's economy is minus 0.96 percent compared to the previous quarter (quarter to quarter / qtq).

"The Indonesian economy in the first quarter of 2021 is still experiencing contraction," said Head of BPS Kecuk Suhariyanto during a virtual press conference, Wednesday (5/4).

The global economy in the first quarter of 2021 showed improvement as seen in the movement of the global PMI index from January to March. This is in line with the Covid-19 vaccination process that has been carried out or is ongoing in several countries.

Prices of food commodities such as palm oil, soybeans and coffee improved. Meanwhile, mining commodities such as tin, aluminum, nickel and copper in the international market in the first quarter of 2021 experienced an increase.

The economies of several of Indonesia's trading partners in the first quarter of 2021 have shown positive growth.

Arif Budimanta, special staff of President for economics, said that in the second quarter of 2020 the economy grew -5.32% (yoy), in the third quarter of 2020 -3.49% (yoy), and in the fourth quarter of 2020 -2.19% (yoy).

Furthermore, it is projected that Indonesia's economic growth in the second, third and fourth quarters of this year will be in the positive zone. As a result, Indonesia's economy in 2021, in accumulation, will grow positively compared to 2020.

 

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