Jakarta: Indonesian economy contracted by 0.74 percent year-on-year (yoy) in the first quarter of 2021, the Central Statistics Agency (BPS) announced on Wednesday.
Compared to the previous quarter, the country's gross domestic product (GDP) contracted by 0.96 percent quarter-to-quarter (qtq).
"In the first quarter of 2021, Indonesia still experienced an economic contraction," BPS Chairman Suhariyanto told a virtual press conference.
Bank Indonesia (BI) projects national economic growth for 2021 in the 4.1-5.1 percent range.
According to the central bank, exports are expected to continue improving beyond early projections at the beginning of the year on growing demand from Indonesia's main trading partners, China in particular, driven by crude palm oil (CPO), metal ore, pulp and wastepaper, motor vehicles as well as iron and steel.
Moreover, fiscal stimuli in the form of social aid program (bansos) disbursements, procurement and capital spending also have been increasing beyond previous forecasts.
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