Indonesia retail sales bounce back
Indonesia’s retail sales grew by a surprisingly high 10.4 per cent in January, fuelled by sales of IT and communication equipment, food and beverages.
Bank of Indonesia data released Tuesday showed the growth considerably higher than December’s 3.3 per cent, which was revised down from an early indicated 4.3 per cent.
The bank collates figures from a sample of 650 retailers in 10 major Indonesian cities to create monthly trend data.
The retailers also collectively predicted strong growth would continue in February and that inflationary pressure would ease due to smoother distribution. Fuel prices have also fallen and individual spending power was on the rise.
While the growth was higher, it is still below the 11.4 per cent of November and the 17.6 per cent of October, but ahead of September’s 8.9 per cent.