In this article we take a look at whether the latest economic data of Indonesia show any signs that would justify a revision to our current positive outlook.

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.

The latest retail sales data delivered by Indonesia’s central bank (Bank Indonesia) showed a 2.7 percent (y/y) decline in April 2024. This is a drastic change from the 9.3 percent (y/y) growth recorded one month earlier (which had been the country’s strongest growth in two years).


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