Indonesian CV market growth slows in Q2 but half year sales up 10%
By Will Pulson - 12th October 2023
Indonesia - The Indonesian market for commercial vehicles over 2 tons gvw continued to grow in the second quarter of 2023, albeit at the much slower pace of 5% to 35,627 units following a 26% jump to 33,990 units in the same period of last year, based on wholesale data released by industry association Gaikindo.
Economic activity in the country increased by 5.2% year-on-year in the second quarter after an upwardly revised 5.0% growth in the first quarter, driven by stronger domestic consumption and investment. Domestic growth was helped by a rebound in the country’s tourism sector compared with last year, which offset a sharp increase in the cost of borrowing after the central bank increased its benchmark interest rate from 3.50% to 5.75% in less than a year.
