Indonesia's retail sales growth accelarates to 7.7% in May

MACROECONOMICS - JAKARTA. Retail sales in Indonesia grew 7.7% in May, compared with an annual growth rate of 6.7% a month earlier, a central bank survey showed on Tuesday.

Retail sales in May accelerated from a month earlier, but came in below expectations in previous survey mainly due to a seasonal spike in demand during the Muslim fasting month of Ramadan with more sales of clothing, auto spare parts and accessories, as well as food, beverages, and tobacco.

The survey predicted retail sales would slow to 2.2% in June on an annual basis as demand is going back to normal.