22-8-2023 (JAKARTA) Indonesia’s current account has slipped into a deficit for the first time in two years during the second quarter, reaching $1.9 billion, which accounts for 0.5 percent of the country’s Gross Domestic Product (GDP). The Bank of Indonesia revealed this information on Tuesday, attributing the deficit to declining commodity prices and sluggish global economic growth.
The balance of payments for the April-June quarter showed a deficit of $7.4 billion, reflecting the challenges faced by the Indonesian economy during this period. The current account deficit is a crucial component of the balance of payments, encompassing the trade balance in goods and services, as well as income and current transfers.
