According to the latest data released by the Indonesian government, retail sales in the country experienced sluggish growth in December 2023. The current indicator for the month reached 0.2%, marking a significant slowdown compared to the previous month's figure of 2.1% in November 2023.
The comparison period for the data is year-over-year, meaning the current indicator represents the change in retail sales for December 2023 compared to the same month in the previous year. This indicates a notable decline in consumer spending during the holiday season.
The weak performance in retail sales can be attributed to various factors such as rising inflation, economic uncertainty, and tighter financial conditions. These factors likely impacted consumer confidence and led to reduced discretionary spending.
The data, which was updated on February 16, 2024, raises concerns about the overall state of the Indonesian economy. The government may need to implement targeted policies to stimulate consumer spending and reignite economic growth in the country.
