New vehicle sales in Indonesia increased by 4.7% to 100,738 units in November compared with 96,191 units in the same month of last year, according to wholesale data compiled by industry association Gaikindo.

Third quarter GDP growth came in at just under 5.2%, slightly slower than the 5.3% seen in the second quarter, underpinned by strong fixed investment and government spending growth. Household consumption growth slowed slightly, reflecting a series of interest rate hikes by the central bank which lifted its benchmark rate to 6% in November from 4.25% in April.

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The vehicle market has performed remarkably well considering the economic headwinds, with cumulative 11 month sales rising by 6.9% to 1,063,042 units from 994,436 units in the same period of last year.

The commercial vehicle segment expanded by just over 18% to 255,148 units in this period from 215,656 units a year earlier, having benefited from continued investment in infrastructure and construction projects and higher international trade. 

Passenger vehicle sales were up by 3.7% at 807,894 units year to date from 778,780 units previously, helped by the introduction of popular new models over the last year or so.

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Toyota's sales over the 11-month period declined by 6.4% to 325,500 units, mainly reflecting rising competition in the MPV segment which it dominates, while Daihatsu was moderately better off in second place with sales rising by 7.4% to 186,449 units.

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Honda posted the sharpest decline among the major brands in this period, with sales falling by over 13% to 149,083 units, while Mitsubishi Motors' sales were up by over 91% at 133,966 units – reflecting strong demand for its Xpander compact MPV which was introduced in July last year.