Update COVID-19 in Indonesia: 497,668 confirmed infections, 15,884 deaths (23 November 2020)
23 November 2020 (closed)
USD/IDR (14,178) +50.00 +0.35%
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Never before did Indonesia’s manufacturing activity collapse so badly in the nine-year history of the IHS Markit Indonesia Manufacturing PMI than in April 2020. The IHS Markit Indonesia Manufacturing Purchasing Managers’ Index (PMI) plunged to a reading of 27.5 in April 2020 (from 45.3 in the preceding month). It is not only the steepest fall but also the lowest level of operating conditions ever touched since the survey started back in April 2011.
The deterioration had surely been expected since the novel coronavirus (COVID-19) crisis has been undermining economic activity, at home and abroad (a reading below 50.0 indicates contraction in the country’s manufacturing activity, while a reading above 50.0 indicates expansion).
The stricter measures that were imposed by the Indonesian government to contain COVID-19 led to factory closures as well as slumping demand, while output and new orders collapsed. It caused spare capacity to soar, hence contributing to the steepest fall in employment on record.
Weak manufacturing data also reveal that Indonesia’s gross domestic product (GDP) is bound to be very weak in the second quarter of 2020. Without a rapid recovery in May and June 2020, which seems unlikely at this point, the figure will be in red.
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