Indonesia: Retail sales slow at the outset of the year
March 8, 2013
In January, retail sales expanded 7.2% over the same month last year, according to Bank Indonesia's Retail Sales Survey (RSS). The reading was well below the 15.1% increase observed in December (previously reported: +15.7% year-on-year) and, in fact, represented the slowest pace of expansion observed in 15 months. Sales of other household equipment as well as of other goods led the deceleration in January.
As a result of the lower annual reading, annual average growth edged down from 14.5% in December to 13.9% in January. That said, according to the survey, retailers expect growth in short-term sales (three to six months ahead) to continue to rise.
FocusEconomics Consensus Forecast participants see private consumption rising 5.4% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, panellists expect private consumption growth at 5.3%.