Bahrain Auto Sales fell 18% in October keeping the harsh momentum started in the 2015 and projecting the full year at 35.000. Introduction of VAT will not allow consumer demand to recover next year and market is foreseen down again.
Bahrain carried out a jumbo USD 3 billion international bond sale in September, demonstrating investors’ confidence in the economy despite the regional uncertainty generated by the Qatar crisis. The move should help fund the gaping fiscal deficit and bolster meager international reserves. In a recent staff visit, the IMF urged Bahrain to implement further austerity measures to close the budget shortfall and slow the upward spiral of public debt. Although the recent uptick in oil prices is good news for the public finances, prices remain far below breakeven level.
Bahrain vehicles market ended in the 2015 a long positive period, hitting the all time record at 65.042 sales. However the economic crisis generated in the region by the fall of oil price in the international market have rapidly reduced the consumer’s demand and sales dropped to 49.800 in the 2016 and are projected at 35.000 in the 2017. The introduction of VAT in the country should not allow the start of new momentum next year and 2018 sales are foreseen down at 32.000.
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October vehicles sales have been 28.877 (-18.0%) with year to date figures are 28.855 sales (-31.6%).
At brand-wise, the market leader Toyota has lost more than the industry with 10.725 sales (-37.3%). It was followed by Hyundai with 2.396 (-25.0%) and Nissan with 2.092 sales (-45.7%).
Research, Consulting, Data & Forecast
F2M covers intensively this market with several products developed to help any investigation required. Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2022. AutoData in EXCEL are immediately downloadable with annual sales volume, split by month, for all brands and all models distributed in the market. This year data are released year to date, but you will receive a monthly update until the year-end. See details within Bahrain Corner Store.
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