Indonesia CV market slows sharply in Q4 – yet market up 21% for the year
By Will Pulson - 31st March 2023
Indonesia - The Indonesian market for commercial vehicles over 2 tons gvw grew at a much slower pace in the fourth quarter of 2022, with sales rising by just 3% to 48,767 units after rebounding by over 60% to 47,456 units in the same period a year earlier, based on wholesales data from local industry association Gaikindo.
Economic growth in the country slowed to just over 5% year-on-year in the fourth quarter of 2022, after rebounding by 5.7% in the third quarter from the previous year’ pandemic levels a year-earlier. Private consumption increased by just 4.5%, down from 5.4% in the third quarter, despite the return of international travel and tourism earlier in the year.
