New vehicle sales in Indonesia increased by 24.4% to 69,300 in February, from 55,688 units a year earlier, according to preliminary data released by industry association Gaikindo.

Compared with the previous month’s sales, the market in February was 6% lower – reflecting fewer working days in the month. 

The continued strong growth in vehicle demand reflects a economy, with which grew by 6.9% in the fourth quarter of 2010, driven by domestic consumption.  The government expects first-quarter growth to be around 6.5%

Bank of Indonesia has also been reluctant to raise interest rates for fear of derailing the current strong growth momentum, despite strongly inflation data in recent months.

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By GlobalData