What Do the Latest Macroeconomic Data Tell Us about Indonesia’s Economic Growth in Q2-2024?
In last month’s report we saw that Indonesia’s official economic growth rate was (in line with expectations) quite strong at 5.11 percent year-on-year (y/y) in Q1-2024. Moreover, last month we also saw that most of the macroeconomic data point at the continuation of strong growth in Q2-2024 (with the only major exception being the country’s car sales data that still showed deep red numbers).
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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