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SINGAPORE (ICIS) – Indonesia entered recession for the first time since the late 1990s, after its economy contracted 3.49% yoy in the third quarter due to the effects of the coronavirus pandemic , official data showed Thursday.
The third quarter slowdown follows the 5.32% yoy contraction in the second quarter of this year, Statistics Indonesia data showed.
On a quarterly basis, not seasonally adjusted, the country’s GDP grew by 5.05% in the period June-September.
The last time Indonesia – the largest economy in Southeast Asia and a major importer of chemicals – fell into recession was during the 1998 Asian financial crisis.
Indonesia has the highest coronavirus infection rate in the region, with 418,375 cases and 14,146 deaths as of November 3, according to data from the World Health Organization (WHO).
A recession is typically defined as two consecutive quarters of GDP contraction.
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