slowdown in domestic and external demands and also from the delay in private investment due to low capacity utilization in manufacturing. Meanwhile, public spending excluding transfers also contracted in
decline is also partly due to the high base of last year. Public spending excluding transfers also declined from acceleration in disbursement during last year. Nevertheless, private consumption remains the
partly due to the high base of last year. Public spending excluding transfers also declined from acceleration in disbursement during last year. Nevertheless, private consumption remains the key driver with
the decline in import of capital goods and the number of registered vehicles. Public spending excluding transfers contracted yoy from current expenditures while capital expenditures grew from the
import of capital goods and the number of registered vehicles. Public spending excluding transfers contracted yoy from current expenditures while capital expenditures grew from the expenditures of state
, public spending excluding transfers also contracted in both current and capital expenditures partly due to the delay of FY2020 budget. Exports for 1Q20 grew slightly at 0.9% compared to the same period
persistently experienced a high contraction due to the international travel restrictions. However, economic activities during that period were supported by the expansion of public spending, together with the
categories from the slowdown in domestic and external demands and also from the lower business sentiment impacted by the outbreak. Meanwhile, public spending excluding transfers also contracted in both current
principles and guidelines for policy making, from investment decision-making to close monitoring of invested companies. Fund managers can also contribute by improving monitoring measures or teaming up with
on corporate governance principles. This includes management of investment money, performance monitoring of target listed companies, preparation and disclosure of responsible investment policy, strict