Economic Update Indonesia; Taking a Look at Various Recently Released Macroeconomic Data
In this article we are taking a quick look at various macroeconomic data that help us assess the state of the Indonesian economy in the first quarter of 2024. This update is much more succinct than our normal economic update because we already have one article devoted to the Indonesian economy in this report (zooming in on the Q3-2023 and full-year gross domestic growth data of 2023).
Retail Sales of Indonesia
First, let’s check Indonesia’s retail sales (sales of goods and services to consumers) as these data give us valuable information about the purchasing power of Indonesian consumers.
Based on the latest data released by Bank Indonesia, the country’s retail sales inched up 0.2 percent year-on-year (y/y) in December 2023. While December typically has to face the high base effect (due to the Christmas and New Year holiday period when consumption rises), a 0.2 percent (y/y) growth rate is quite soft, and so retail sales growth stays at a very low rate.
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Read the full article in our February 2024 report (an electronic report, PDF) that can be ordered by sending an email to info@indonesia-investments.com or a message to +62.882.9875.1125 (including WhatsApp).
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