Record fall in retail sales in Indonesia
Retail sales in Indonesia have seen the sharpest drop in 12 years, according to a Reuters report, based on information from the nation’s central bank.
Territory-wide sales fell 20.6 per cent year on year during May, representing the largest contraction in the category since November 2008. The drop was steeper than figures for April, which showed a decline of 16.9 per cent.
According to the data, buyers shopping for clothing and recreational items showed the greatest reduction in spending since that manifested in last month’s figures in May.
There remains little prospect for relief in the immediate future, with the bank’s survey predicting last month’s figures to reveal a 14.4-per-cent drop.