CV market in Indonesia declines sharply in Q3
By Will Pulson - 10th January 2024
Indonesia - The Indonesian market for commercial vehicles over 2 tons gvw reversed sharply in the third quarter of 2023 after two years of strong growth, with sales falling by 27% to 31,157 units after growing by 30% to 42,649 units a year earlier, based on wholesale data collated by local industry association Gaikindo.
Economic growth in the country moderated in the third quarter, to 4.9% year-on-year from 5.2% in the second quarter, reflecting mainly a sharp decline in government spending and weaker exports. Consumer spending growth slowed marginally, to 5.1% from 5.2%, after the central bank hiked interest rate from 3.5% to 6.0% over the last year. Government spending declined by 3.8% year-on-year after growing by 10.6% in the second quarter.
