Indonesia's retail sales fall 12.3% in July

Improvements were observed in purchases of food, beverages, and tobacco.

Indonesia’s retail sales declined at a slower pace in July, shrinking 12.3% during the month, reports Reuters, based on data from the local central bank.

Retail sales fell 17.1% in an annualized basis in June.

Improvements were observed in purchases of food, beverages, and tobacco, according to the survey of around 700 retailers across 10 major cities in the country including the capital Jakarta.

The central bank forecasts a 10.1% drop in August retail sales compared to a year earlier.

Read from Reuters.