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Financial News: Indonesia Retail Sales Growth Slows In May

Indonesia Retail Sales Growth Slows In May

07/11/2022 - 06:46:00 (RTTNews)

(RTTNews) - Indonesia's retail sales growth eased sharply in May, while retailers estimated a stronger sales performance in June, results of a survey by Bank Indonesia showed on Monday.

Retail sales rose 2.9 percent year-on-year in May, following an 8.5 percent gain in April.

The overall growth in May was underpinned by sales of cultural and recreational goods, food, beverages and tobacco as well as automotive fuel.

On a monthly basis, retail sales growth decreased at a stable rate of 2.1 percent in May, in line with the end of the religious holiday season, the survey said.

Retailers predicted a strong and accelerated sales performance in June on the back of increased demand. Survey respondents predicted an annual increase of 15.4 percent, while sales were forecast to fall again by 2.1 percent over the month.

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