Indonesia: Retail sales maintain high growth rate in May despite deceleration
July 15, 2014
Retail sales expanded 15.0% over the same month last year in May according to Bank Indonesia’s Retail Sales Survey (RSS). The expansion marked a modest deceleration compared to the revised 15.9% rise observed in April (previously reported: +16.2% year-on-year). Despite the slowdown, the result represented the seventh consecutive month in which growth was at 15.0% or higher. According to the Bank, May’s expansion was driven by higher sales of information and communication equipment and of automotive fuels.
Annual average growth in retail sales increased from 15.7% in April to 15.9% in May, which marked the highest level in more than three years. According to the survey, retailers expect sales to have slowed in June to an 11.8% year-on-year growth rate.
Author: Carl Kelly, Economist