CV market in Indonesia declines sharply in Q1 of 2024
By Will Pulson - 10th July 2024
Indonesia - The Indonesian market for commercial vehicles over 2 tons gvw plunged by 42% to 27,187 in the first quarter of 2024 from strong year-earlier volumes. This was the third consecutive quarter of decline for the market after a strong two-year rebound from the pandemic lows.
The country’s economy expanded by 5.1% year-on-year in the first quarter of 2023, slightly stronger than in the previous quarter, helped by a pickup in household spending ahead of the annual Eid celebrations. Private consumption growth accelerated to 4.9% year-on-year from 4.5% in the fourth quarter of 2023, while government spending grew by 19.9% compared with 2.8% previously – lifted by spending relating to the February general elections.
