The downturn in Indonesia’s manufacturing sector is likely to continue until the end of the year as demand and factory activity will remain low even after the COVID-19 pandemic ends, analysts have warned. Centre for Strategic and International Studies economic department head Yose Rizal Damuri said that the sluggish growth of Indonesia’s manufacturing industry, which […]
Read MoreState-owned electricity company PLN acknowledged that the use of a new calculation method had caused an increase in electricity bills in April. PLN Jakarta general manager Ikhsan Asaad said on Wednesday that his office had addressed 2,200 complaints related to high electricity bills within the capital for the previous month. Ninety-four percent of the increases were proportional to […]
Read MoreThe government agency in charge of downstream oil and gas policies is calling for lower fuel prices “as soon as possible” in light of the global oil price slump, while the energy ministry maintains a wait-and-see approach. Downstream Oil and Gas Regulatory Agency (BPH Migas) head Fanshrullah Asa said on Friday his office “wanted fuel […]
Read MoreForeign exchange (forex) reserves surged to US$127.9 billion in April on the back of the government’s issuance of US dollar-denominated bonds in the same month, Bank Indonesia announced Friday. The current reserves level, an increase from $121 billion in March, is estimated to be sufficient to support 7.5 months of imports and to bear the payment […]
Read MoreFitch Solutions has forecast Indonesia’s GDP to contract by 1.3 percent this year, compared with 2.8 percent economic growth in its previous projection, as the country is likely to see a slow recovery and remain under lockdown for a prolonged period. The national economy is heading into contraction as the country is still in the […]
Read MoreIndonesia’s household spending is expected to contract this year as consumers turn pessimistic amid the COVID-19 pandemic, which has disrupted businesses and wiped out jobs. Consumer spending, which accounts for more than a half of the country’s GDP, grew by just 2.84 percent year-on-year (yoy) in the first quarter, a far cry from 5.01 percent […]
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