Indonesia: Retail sales surge to highest level in over three years in December
February 11, 2014
Retail sales expanded 26.6% over the same month of the previous year in December according to Bank Indonesia's Retail Sales Survey (RSS). The expansion built upon the 17.8% rise observed in November and marked the highest growth since August 2010. According to the Bank, the increase was driven by an increase in six of the seven categories of the index, the highest of which was recorded in sales of information and communication equipment.
Annual average growth in retail sales jumped from 11.7% in November to 12.7% in December. According to the survey, retailers expect sales to accelerate further in January and grow 28.7% on an annual basis.
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