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View all search resultsConsumer confidence inches up as Indonesians see better times ahead
Bank Indonesia's monthly CCI improved slightly in July to indicate a more positive outlook among consumers, indicating that household spending could drive growth in the second half, though at least one economist has advised keeping an eye on the jobs figure and savings ratio for the medium term.
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People browse items on sale on April 9, 2023, in the Matahari Department Store at the Mall of Serang in Banten. (AFP/Dziki Oktomauliyadi)
T
he central bank’s consumer confidence index (CCI) showed a slight improvement last month, largely thanks to respondents having more positive expectations for the future, even as they saw current economic conditions deteriorating.
The CCI ticked up to 118.1 points in July from a reading of 117.8 the preceding month, according to the latest monthly survey from Bank Indonesia (BI) released on Friday.
The index has remained below 120 points since May, when it plunged to a multiyear low of 117.5 points.
In a press statement accompanying the survey results, BI spokesman Ramdan Denny Prakoso said the latest data “indicated” an improvement from June, mainly supported by rising consumer expectations.
The consumer expectations subindex, which reflects respondents’ perception of the economy in the next six months, improved slightly, rising to 129.6 points for the month from 128.9 points in June.
The subindex is made up of three different indicators that reflect respondents’ expectations for income, job availability and business activity.
Of the three, income expectations saw the largest improvement and job expectations rose a little, while expectations for business activity declined significantly.
