Indonesia’s Q2 current account deficit widens to 0.9% of GDP
11:46 pm Wednesday, August 21st, 2024
JAKARTA (Reuters) – Indonesia’s current account deficit widened to 0.9% of gross domestic product (GDP), or $3 billion, in the second quarter from a revised deficit of 0.7% of GDP in the previous quarter, the central bank said in a statement on Thursday.
The deficit as a percentage of GDP was at its widest since the second quarter of 2020, data from LSEG Workspace data showed.
BI said the deficit in service trade widened due to travel for the hajj pilgrimage during the quarter, affecting the current account balance.
Bank Indonesia (BI) said earlier this week it expected the current account deficit to remain low, maintaining its outlook for a deficit of 0.1% to 0.9% of GDP this year.
The balance of payments for the second quarter had a deficit of around $600 million, Bank Indonesia added, compared to $6 billion deficit in the first quarter.
(Reporting by Fransiska Nangoy; Editing by John Mair)
