Indonesia CV market continues to fall sharply in Q4
By Jim Gibbins - 1st March 2021
Indonesia - The Indonesian market for commercial vehicles over 2 tons gvw continued to plunge in the fourth quarter (Q4) of 2020, by more than 32% to 29,334 units from 43,257 units in the same period of the previous year, based on AsiaMotorBusiness.com analysis of industry data.
Indonesia’s economy shrank by 2.2% year-on-year in the fourth quarter after declining by 3.5% in the third quarter and by 5.3% in the second quarter. Over the full year, the economy contracted by 2.1% after the government imposed social and economic lockdowns in March to slow the spread of the COVID-19 pandemic. It was the first economic recession since the 1998 Asia financial crisis.
