Indonesia’s economy contracted for the fourth straight quarter, data from the statistical office revealed on Wednesday.
Gross domestic product fell 0.74 percent on a yearly basis in the first quarter of 2021, following a 2.19 percent drop in the fourth quarter. The annual fall came in line with economists’ expectations.
Quarter-on-quarter, GDP was down 0.96 percent, which was smaller than the economists’ forecast of -1.04 percent.
Indonesia’s economy struggled to gain any momentum in the first quarter of the year and a failure to contain the virus will hold back the recovery in the quarters ahead, Gareth Leather, an economist at Capital Economics, said.