USD/IDR Price News: Indonesian rupiah drops 30-pips on Q4 GDP miss

• USD/IDR bounces-off lows on below-forecast Indonesia’s Q4 GDP.
• The impact of the coronavirus pandemic continues to hurt the economy.

According to the latest release from Statistics Indonesia, the Indonesian economy contract -0.42% QoQ in Q4 2020 versus +0.70% forecast and +5.05% prior.

About Indonesia’s GDP

The Gross Domestic Product released by the Statistics Indonesia is a measure of the total value of all goods and services produced by Indonesia. The GDP is considered as a broad measure of economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the Rupiah, while a negative trend is seen as negative (or bearish).