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Indonesia Retail September 2019

Indonesia: Retail sales are limp in September

In September, retail sales increased 0.7% year-on-year, below August’s 1.1% rise and falling short of the Central Bank’s initial estimate of 2.1%. September’s reading was weighed on by lower sales of IT equipment and clothing. According to the Bank of Indonesia’s survey, retail sales should have grown 2.9% in October.

Despite soft retail sales readings lately, it should be noted that the correlation between retail sales and private consumption figures has been weak in recent quarters. The outlook for private consumption is still fairly positive, thanks to mild price pressures and a solid labor market.

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