Namibia 2017. Recession hit vehicles demand

Namibian vehicles Nissan-Pathfinder-2017

Namibian vehicles market continued the fall during the 2017, losing for the third consecutive year. The country is in recession after a prolonged expansion and Outlook is not improving. Toyota is market leader ahead of Volkswagen and Nissan

Though largely desert and ranch land, Namibia’s natural mineral riches and tiny population of about 2.5 million (2016) have made it an upper-middle-income country. But although political stability and sound economic management have helped it anchor poverty reduction, this has not yet been accompanied by job creation, and extreme socio-economic inequalities inherited from the years it was run as under an apartheid system still persist, despite generous public spending on social programs.

The Namibian economy slowed substantially in 2016 and 2017, technically entering in recession, which contrasts with average, annual gains of more than 5% in the preceding five years. The slowdown was noticed across all productive sectors, tied to consistently low mineral prices, regional drought, and a process of fiscal consolidation.

Namibian new vehicles market grew up substantially in the period 2008-2014 hitting a record of 22.515 units, before to start declining with three negative years in a score and 2017 figures down at 13.438, down from the previous year.

 Sales 2012Sales 2013Sales 2014Sales 2015Sales 2016Sales 2017Sales 2018 e
Car+LCV13.09615.51622.30120.53416.85512.81413.887
HCV223228214240228624709
Total13.31915.74422.51520.77417.08313.43814.596

 2012 Var2013 Var2014 Var2015 Var2016 Var2017 Var2018 var e
Car+LCV22,8%18,5%43,7%-7,9%-17,9%-24,0%8,4%
HCV-0,9%2,2%-6,1%12,1%-5,0%173,7%13,5%
Total22,3%18,2%43,0%-7,7%-17,8%-21,3%8,6%

Brad-wise, the market leader is Toyota with 2017 figures at 5.471 (-20.2%) followed by Volkswagen with 1.675 (-27.9%) and Nissan with 1.488 (+0.9%).

 

(226)