Indonesia: Retail sales record quickest growth since August 2022 in March
Retail sales rose 4.8% compared to the same month a year earlier in March, which was above February’s 0.6% increase. The print marked the best reading since August 2022. March’s notable pickup was largely driven by faster growth in food, beverages, and tobacco sales. In contrast, motor vehicles, parts and accessories sales fell notably. Lastly, cultural and recreation goods sales rose at a stronger rate, while information and communication equipment sales contracted at a softer pace than in February.
Meanwhile, annual average retail sales growth fell to 3.4% in March (February: +3.8%). This signals a worsening trend in the retail trade sector.