Indonesia’s vehicle sales in October rose by 74% year-on-year according to data issued by Toyota Astra Motor.
Total market sales reached 54,500 units in October. The comparison is however against a weak sales month in October last year.
Toyota Astra Motor said it sold 18,262 units last month.
Indonesia’s vehicle sales this year are set to break a historic high set in 2005.
Vehicle sales in Indonesia grew by 44.4% in the third quarter of 2008, slightly slower than the 48% sales growth in the first-half. The economy this year has benefited from high commodity prices, rising exports values and strong domestic consumption. Consumers seemingly shrugged off the double-digit inflation and the sharp hikes in fuel prices in the third quarter and GDP growth is estimated to have grown by 6.5% in the first nine months.
Economic growth is expected to weaken in the fourth quarter, however, as the global financial turmoil continues to spread and as demand for commodities drops. Full-year GDP growth is expected to be around 6% and growth is forecast will weaken further in 2009. Fourth-quarter growth in vehicle sales is expected to be much weaker, as signs of credit tightening emerge. This year will likely be a record year for the car market, however, with sales expected to reach 575,000 units – or 33% higher than last year.