Indonesia: Retail sales post significant growth again in March
May 15, 2014
Retail sales expanded 25.1% over the same month last year in March according to Bank Indonesia's Retail Sales Survey (RSS). The expansion marked an acceleration over the 18.8% rise observed in February (previously reported: +21.2% year-on-year), and represented the fifth consecutive month in which growth was higher than 15.0%. According to the Bank, sales accelerated in five of the seven categories of the index, including notable gains in the sales of information and communication equipment.
Annual average growth in retail sales increased from 14.7% in February to 15.9% in March. According to the survey, retailers expect sales to have remained robust in March with a 27.8% year-on-year growth rate.
FocusEconomics Consensus Forecast participants see private consumption rising 5.1% in 2014, which is up 0.1 percentage points from last month's forecast. For 2015, panelists see growth in private consumption at 5.1%.
Author: Carl Kelly, Economist