Indonesia's Q4 GDP shrinks more than expected

Indonesia's economy fell into recession last year as the country struggled to get its COVID-19 outbreak under control. It has the highest caseload and death toll from the respiratory disease in Southeast Asia.

JAKARTA: Indonesia's gross domestic product fell slightly more than expected in the fourth quarter and suffered its first full-year contraction in over two decades in 2020 as Southeast Asia's largest economy grappled with the COVID-19 pandemic.

GDP shrank 2.19% on an annual basis in October-December, the statistics bureau data showed on Friday, faster than the 2% contraction expected in a Reuters poll, but less than the 3.49% slump in the previous quarter.