Angola new vehicles market collapsed in first half 2015 hit by harsh recession that has invested the market as oil price dropped over 50% in the international market. Suzuki market leader, Toyota is shining.
The deterioration of Angola’s economy continues unabated. The slump in oil prices has forced the government to cut planned spending by a quarter and to devalue the currency twice since June.
Another indication of the extent to which the economy has been weakened by declining oil prices was seen earlier this month when Angola postponed plans for a USD 1.5 billion Eurobond sale in order to wait for better market conditions. More importantly, Angola was downgraded in late September from BB- to B+ by Fitch credit rating agency.
Fitch stated that the downgrade is attributed to the possibility of Angola running another current account deficit, thus reflecting Angola’s dependence on oil.
Lastly, Central Bank Governor Jose Pedro de Morais stated that Angola is seeking partners for currency-exchange agreements to allow trade balances and financial operations to be paid in the local currency.
Until December 2014 the domestic new vehicles market was running towards a fast lane with growing demand, increased offer with new carmakers approaching the market and a legislation progressively more protective for new vehicles towards the competitions of pre-owned imported.
Observers were forecasting a steady growth for one of the most interesting sub Saharan markets when the sharp and sudden fall of oil price in the international market hit the local economy too dependent by oil export, with first half exportation fallen over 50% in value.
The country entered in recession and the new vehicles demand collapsed in few days.
At the end of the first half sales had been only 13.620, down 34.8% from the correspondent period last year and the next months forecast is still heavy negative.
Suzuki was again the market leader with 3.294 sales (-34.7%) followed by Toyota with 2.008 (+16.1%) and Chevrolet with 1.857 (+2.5%).
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Below, you can sort our interactive tables to see data regarding Brands, Groups and Models. Please bear in mind that sales data are subject to adjustments as sources will update their information. This report is updated at the publishing date and will not be modified while the next on this subject will always have the year to date data updated.
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