(Bloomberg) — Indonesia’s economy decelerated in the third quarter as harsh lockdowns to contain a record spike in Covid-19 cases outweighed higher commodity prices and trade.

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Gross domestic product in the quarter rose 3.51% from a year ago, the statistics bureau announced Friday, down from 7.07% growth in the second quarter, as the virus wave peaked in July and August. That undershot both the median estimate of 3.88% in a Bloomberg survey of economists and the government’s projection of 4.5%.

“Third-quarter growth slipped below market consensus as mobility curbs implemented during the period likely weighed on consumption, offsetting robust exports” said Nicholas Mapa, a senior economist at ING Groep NV in Manila. “We expect better fourth-quarter GDP results as movement restrictions have been relaxed further.”

Indonesian stocks extended declines Friday after the report, with the Jakarta Composite…

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