Indonesia's economy contracted 2.19% (yoy) in the fourth quarter of 2020 as mobility restrictions to break the domestic chain of Covid-19 transmission weighed heavily on private consumption and building investment.
Although lower than previously projected, the national economy experienced a shallower contraction in the fourth quarter of 2020 compared with -3.49% (yoy) in the third quarter of 2020.
For the year, therefore, the economy shrank 2.07% in 2020.
Moving forward, domestic economic improvements will endure in line with the global economic recovery and expedited national vaccination program by the Government.
"The vaccination rollout and national policy synergy are expected to drive domestic economic recovery momentum moving forward," said BI Governor Perry Warjiyo in a press release on Thursday.
Recent export gains affecting several commodities have been maintained, including crude palm oil (CPO), coal, iron and steel, along with several manufacturing products, such as organic chemicals, motor vehicles and footwear, which has boosted sectoral performance.
Spatially, stronger export performance has also been recorded in several regions, specifically Sulawesi, Maluku, Papua, Java and Sumatra.