Indonesia: Retail sales growth moderates in October

Retail sales expanded 4.5% in year-on-year terms in October, which followed September's 4.6% increase. October's downturn was largely driven by contractions in motor vehicles, parts and accessories and automotive fuels sales. However, food, beverages, and tobacco sales increased. Lastly, cultural and recreation goods sales moderated, while information and communication equipment sales declined at a softer pace than in September.

Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 8.0%, down from September's 8.2% reading.

FocusEconomics Consensus Forecast participants see private consumption rising 4.8% in 2023, which is unchanged from last month’s forecast. For 2024, panelists see private consumption increasing 5.3%.