Latest Economic Data of Indonesia; Expectations for Economic Growth in Q3-2024
In another article (available in this monthly report) we present a detailed analysis of Indonesia’s economic growth in Q2-2024 (which came in at 5.05 percent year-on-year), based on the gross domestic product data that were released by the Statistical Agency (Badan Pusat Statistik, BPS) in early August 2024.
In this article we are going to delve into the latest macroeconomic data of Indonesia to get a better view of how Southeast Asia’s largest economy is doing in the third quarter of 2024.
Retail Sales of Indonesia
As usual, we start with Indonesia’s retail sales (which are sales of goods and services to consumers) as these give us valuable information about the purchasing power of Indonesian consumers. After all, when people experience difficult financial times (or expect to encounter difficult financial times in the near future), then they tend to cut back on spending. Considering household consumption is the biggest contributor to Indonesia’s economic growth, a severe hiccup in the retail sales could mean overall economic growth gets dragged down.
Last month, we saw some distortion in retail data, both on a year-on-year (y/y) and month-on-month (m/m) basis, as the Islamic festive season (Ramadan and Idul Fitri period) arrives earlier each year (because the Islamic calendar is around 10-11 days shorter than the Gregorian calendar).
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This is the introduction of the article. The full article is available in our August 2024 report. To buy this report (an electronic report, PDF) -or to subscribe for a longer period- you can contact us through email and/or WhatsApp:
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