Indonesia’s economic growth in the first quarter slowed significantly more than expected to the weakest in nearly two decades, as the coronavirus pandemic brought business activity to a halt, statistics bureau data showed on Tuesday, Trend reports citing Reuters.
Southeast Asia’s largest economy grew 2.97% in January-March from the same period a year earlier, the weakest since the fourth quarter of 2001, according to OECD data.
A Reuters poll had forecast growth of 4.04%, while the central bank predicted 4.3%.
On a quarterly, non-seasonally adjusted basis, the economy contracted 2.41%.