Jakarta: The Central Statistics Agency (BPS) announced today that Indonesia's gross domestic product (GDP) contracted by 2.07% in 2020.
According to the Agency, the Indonesian economy contracted in the last three quarters of 2020 due to the coronavirus pandemic.
"The Indonesian economy contracted by 2.19 percent in the fourth quarter of 2020," said BPS chairman Suhariyanto in a virtual press conference here on Friday morning.
The country's GDP fell by 3.49% and 5.32% in the third quarter of 2020 and the second quarter of 2020, respectively.
However, the country's economic growth is expected to gradually gain momentum in 2021.
Several recent indicators revealed ongoing improvements, including export and import activity, the Manufacturing PMI as well as sales and consumer expectations.
The national vaccination program, which began in earnest in January 2021, is also expected to accelerate the domestic economic recovery process.
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