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Indonesia GDP seen down 1.0% to 0.1% y/y in Q1 -fin min

JAKARTA, March 23 (Reuters) - Indonesia’s gross domestic product is expected to contract between 1.0% to 0.1% in the first quarter from a year earlier, marking an improvement from a 2.2% contraction in the fourth quarter as consumption recovers, the finance minister said.

Tax revenues in the January-February period contracted 4.8% on an annual basis, but there was an acceleration in revenue generation last month, signaling a recovery in consumption, Sri Mulyani Indrawati said on Tuesday.

The state budget had a deficit equal to 0.36% of GDP in the first two months of 2021, she said. (Reporting by Gayatri Suroyo and Fransiska Nangoy Editing by Ed Davies)

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