Indonesia: Retail sales carry strong momentum into January
March 12, 2014
Retail sales expanded 28.4% over the same month last year in January according to Bank Indonesia's Retail Sales Survey (RSS). The expansion built upon the 28.2% rise observed in December and marked the fastest growth since August 2010. According to the Bank, the increase was driven by an increase in all of the seven categories of the index, the highest of which was recorded in sales of information and communication equipment. Annual average growth in retail sales jumped from 12.9% in December to 14.6% in January. According to the survey, retailers expect sales to remain robust in February with a 27.7% year-on-year growth rate. FocusEconomics Consensus Forecast participants see private consumption rising 5.0% in 2014, which is unchanged from last month's forecast. For 2015, panelists see growth in private consumption at 5.2%.
Author: Carl Kelly, Economist