FILE PHOTO: Stacks of containers are seen at Tanjung Priok port amid the coronavirus disease outbreak in Jakarta, Indonesia, August 3, 2020. REUTERS/Ajeng Dinar Ulfiana
JAKARTA - Indonesia’s economy contracted in the second quarter for the first time since 1999 as efforts to contain the coronavirus pandemic hit consumption and business activity, official data showed on Wednesday. Southeast Asia’s largest economy shrank by a sharper-than-expected 5.32% in the April-June period from a year earlier, according to data from Statistics Indonesia, the weakest since first quarter of 1999.
The data was weaker than expected, with economists in a Reuters poll forecasting a contraction of 4.61%. The economy grew 2.97% year-on-year in the first quarter. Indonesia’s economy shrank 4.19% quarter-on-quarter in the April-June period on a non-seasonally adjusted basis.Our Standards:
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The GDP Data Is Terrible. That Doesn’t Mean Trump Is Bound To Lose.In this week’s FiveThirtyEight Politics podcast, the crew discusses how well economic data can predict the outcome of an election. They also take a look at what… He's bound to lose. Next. I thought this was Obama's economy? He’ll lose if people vote. Worst President ever.
Source: ABC - 🏆 471. / 51 Read more »
Ferrari trims full-year outlook after earnings skid in second quarterLuxury carmaker Ferrari trimmed its full-year earnings forecast on Monday after second-quarter income plunged due to supply chain and production disruptions during the coronavirus pandemic. They blame the white elitist for not buying as many Ferraris as prior years I’ll take some of that inventory off of their hands 👀🤷♂️ Or no one is renting a Ferrari to show off on Ocean Drive after Sunday brunch at Nikki Beach.
Source: Reuters - 🏆 2. / 97 Read more »
HSBC says net profit plunged 96% in 2Q as pandemic took holdLONDON (AP) — Europe’s biggest bank, HSBC, said Monday that its net profit plummeted 96% in the second quarter of this year as lower interest rates combined with the downturn due to the... HK and Shanghai, good. Oh dear. Never mind. turns out banks haven't learned a single lesson from the 2008 crash
Source: AP - 🏆 728. / 51 Read more »
These companies have been hit hard as coronavirus causes earnings to plungeA rough quarter for BP: The oil company booked a $17.7 billion loss for the quarter ended in June, capping one of the worst ever quarters for the global industry. It's looking to pivot away from fossil fuels. Wow Tax loolpool bailout. Pay it from when the same oil today was $100-$150.
Source: MarketWatch - 🏆 3. / 97 Read more »
U.S. Will Borrow Estimated $2 Trillion in Second Half of 2020, Treasury SaysThe U.S. expects to borrow an additional $2 trillion in the second half of the year as federal spending ramps up to combat the coronavirus pandemic, the Treasury Department said Try atleast $4 trillion. But the little guy needs to wait for the debate on stimulus and unemployment It's ok. They are borrowing from the Fed
Source: WSJ - 🏆 98. / 63 Read more »
Nikola stock falls 7% after electric-vehicle maker’s wider Q2 lossNikola Corp. shares fall in the extended session after a wider-than-expected loss in the second quarter. nikolatrevor They make what? But....they haven't actually made any vehicles yet have they🤔🤔🤷🏽♂️🤷🏽♂️
Source: MarketWatch - 🏆 3. / 97 Read more »