SINGAPORE (ICIS)--Indonesia's economy shrunk by 5.32% year on year in the second quarter, posting its first contraction since the first quarter of 1999, official data showed on Wednesday.
The consumption-led economy suffered from a major drop in retail sales in the second quarter as manufacturing activity continued to contract on coronavirus restrictions, Statistics Indonesia said.
Household spending, which makes up more than half of the country's GDP, fell by 5.51% in the second quarter. Manufacturing was down by 6.19% and construction was 5.39% lower.
Exports fell by 11.7% year on year in the second quarter while imports were down by 17%.
Indonesia posted GDP growth of 2.97% growth in the first quarter of this year.