Bahrain Vehicles Industry in Q1 2016 dropped down in double-digit hit by hike in gasoline prices and fiscal measures taken by the government to limit the fiscal deficit generated by oil price slump.
Bahrain’s economy lost steam last year. A contraction in the oil sector due to the oil price slump was the main factor behind the slowdown. However, the non-oil sector, which accounts for nearly 80% of the economy, proved to be resilient and expanded robustly. Nevertheless, the weakness in the oil sector is dragging on state revenues and is putting public finances under increasing pressure.
In order to mitigate the deterioration in public finances, the government has embarked on a fiscal reform course. Measures implemented so far include a hefty hike in gasoline prices along with gradual increases in diesel, kerosene, natural gas and utility prices.
The effects over the domestic vehicles market had been immediate with the over 20% fall reported in the Q4 2015, the sharpest decline since 2009 and with a still weak first quarter of the 2016.
Indeed in the firs quarter total vehicles sold in the country had been 17.306 declining 10.5% from the previous year.
In the first quarter of 2016, Toyota was again on top of the list, despite the lost sales with 7.525 units (-7.4%) and market share improving at 43.5% followed by Nissan, very far with 1.759 units (-9.1%) and Hyundai, reporting a sharp fall, at 976 units (-22.0%).
Off the podium Lexus with 943 sales (-11.9%), Kia with 919 (-1.7%) and Mitsubishi with 744 (-15.2%).
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