Indonesia: Retail sales growth picks up in May
In May, retail sales expanded 7.7% in annual terms, up from April’s 6.7% rise but below the Bank’s initial estimate of 9.0%. May’s figure was driven by expansions in all subsectors except information and communication equipment, and was likely spurred by high demand during Ramadan.
According to the Bank of Indonesia’s survey, retail sales should have grown a mere 2.2% in June, amid higher inflation and as the Ramadan effect dissipates and the boost from pre-election public spending ebbs.