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Indonesia finmin says "worst is over" after Q3 GDP confirms recession

JAKARTA, Nov 5 (Reuters) - Indonesia’s finance minister on Thursday said “the worst is over” for Southeast Asia’s largest economy, hours after third-quarter gross domestic product data confirmed the country fell into recession for the first time since 1998.

Sri Mulyani Indrawati said a contraction in private consumption and investment had eased in the third quarter, after suffering bigger blows in the previous three months.

Government moves to control the coronavirus outbreak and ensure public discipline with health protocols will determine whether the economy could further recover and see a GDP expansion in the fourth quarter, Sri Mulyani said.

Indonesia’s GDP contracted 3.49% on an annual basis in the third quarter. (Reporting by Gayatri Suroyo, Tabita Diela and Fransiska Nangoy; Editing by Martin Petty)