Growth of CVs in Indonesia continued in Q1 of 2023
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By Will Pulson - 2nd July 2023
Indonesia - The Indonesian market for commercial vehicles over 2 tons gvw grew by 16% to 46,811 units in the first quarter of 2023 from 40,349 units in the same period of last year, as the domestic economy continued to recover from covid-related lockdowns.
First-quarter GDP growth came in at slightly above 5% year-on-year, in line with the previous quarter, driven by strong domestic consumption and exports. Household consumption growth was a slightly slower 4.5%, while government spending rebounded by 4% after an almost 5% decline in the previous quarter.
