Indonesia: Retail sales maintain high pace of growth despite slowdown in February
April 10, 2014
Retail sales expanded 21.2% over the same month last year in February according to Bank Indonesia's Retail Sales Survey (RSS). While the expansion marked a deceleration over the 24.8% rise observed in January (previously reported: 28.4% year-on-year), it did represent the third consecutive month in which growth was higher than 20.0%. According to the Bank, sales accelerated in four of the seven categories of the index, although there was a notable slowdown in the sales of household equipment as well as information and communication equipment.
Annual average growth in retail sales increased from 14.3% in January to 14.9% in February. According to the survey, retailers expect sales to have remained robust in March with a 24.2% 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