Indonesia: Retail sales growth dips in March
Latest reading: Retail sales increased 0.5% year on year in March (February: +2.0% yoy). Looking at the details of the release, the moderation was broad-based. Food, beverages, and tobacco sales growth slowed in March, and motor vehicles, parts and accessories sales also increased at a softer rate. Moreover, automotive fuels sales dropped. Lastly, cultural and recreation goods sales growth moderated, and information and communication equipment sales contracted at a steeper pace than in the previous month.
Meanwhile, annual average retail sales growth fell to 1.9% in March (February: +2.7%), which marked an over one-year low.