Indonesian CV market decline continues in Q2
By Will Pulson - 16th October 2024
Indonesia - The Indonesian market for commercial vehicles over 2 tons gvw continued to weaken in the second quarter of 2024, by 13% to 31,745 units from strong year-earlier sales of 36,474 units, based on wholesale data released by industry association Gaikindo.
The country’s economy expanded by just over 5% year-on-year in the second quarter, slightly slower than the 5.1% growth seen in the previous quarter, reflecting mainly a sharp slowdown in government spending growth to 1.4% from almost 20% in the previous quarter. Falling commodity prices have also affected output in some key sectors of the economy, while sluggish consumer spending held back manufacturing output.
