Update COVID-19 in Indonesia: 365,240 confirmed infections, 12,617 deaths (19 October 2020)
19 October 2020 (closed)
USD/IDR (14,658) -71.01 -0.48%
EUR/IDR (17,357) +24.17 +0.14%
Jakarta Composite Index (5,126.33) +22.92 +0.45%
After the surprise in February 2020 (when – contrary to expectations and in stark contrast to the global trend – manufacturing activity in Indonesia soared), matters turned normal in March 2020. In line with expectations, Indonesia’s manufacturing production and new orders contracted at record rates in March, making companies decide to cut back sharply on their purchasing activity and input inventories. Business conditions in fact deteriorated at a rate not seen before in the history of the Purchasing Managers’ Index (PMI) survey.
Behind this massive drop are the measures (taken by the Indonesian government and other governments abroad) to contain the spread of the coronavirus (COVID-19). This severely impacted on the performance of Indonesia’s manufacturing sector in March.
The IHS Markit Indonesia Manufacturing Purchasing Managers’ Index (PMI) fell from a reading of 51.9 in the previous month to 45.3 in March 2020, experiencing the sharpest deterioration of operating conditions since April 2011. Meanwhile, with the average first quarter reading of 2020 at 48.8, Indonesia’s manufacturing sector posted its third straight quarterly decline.
This article discusses the following:
• How Indonesia's manufacturing index started to feel the impact of the COVID-19 crisis in March 2020.
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