Indonesia: Growth in retail sales slips in October
In October, retail sales grew 2.9% over the same month last year, down from September’s 4.8% expansion and below the Bank’s initial estimate of 3.9%. October’s slowdown was driven by softer growth in the food, beverages and tobacco sub-sector, and a sharper contraction in the information and communication equipment sub-sector. More sluggish retail sales growth in October was always likely, given that retail sales in August and September were buoyed by the Asian Games.
According to the Bank of Indonesia’s survey, retail sales should have grown 3.4% in November.