Retail sales in Indonesia increased by 6.4 percent year-on-year in February 2024, sharply picking up from a 1.1 percent growth in the previous month. It marked the ninth straight month of expansion in retail trade and the fastest pace since last June, as spending accelerated during the general election and ahead of the Ramadan fasting month. There was a strong upturn in food sales (9.1% vs 3.1% in January) while trade stayed solid for fuels (10.7% vs 14.6%) and automotive parts & accessories (10.7% vs 14.6%). At the same time, sales fell at softer paces for cultural & recreational goods (-7.1% vs -8.3%) and information & communication (-21.9% vs -33.3%). Meanwhile, turnover was muted for clothing (0.3% vs 10.7%) and home appliances (0.5% vs 5.8%). On a monthly basis, retail sales grew 1.7% in February, rebounding from a 3.5% drop in January which was the steepest fall in six months. Retail sales for March are expected to rise by 3.5%.
