Syrian Vehicles Market in the first nine months of the 2018 rebounded after the positive evolution of the internal war with terrorists. Vehicles sales grew up 28% at 7.982 units, fully benefit by the Korean brands, Kia and Hyundai, the only still operating in the country.
Syria’s economy is unlikely to return to growth until 2020, even though the intensity of the fighting in the war-torn country has slowed down this year, according to the latest report by BMI Research. “Unprecedented levels of destruction, combined with large-scale emigration, will weigh on Syria’s productive capacities in the long run. According to our estimates, the Syrian economy has more than halved since the start of the conflict,” BMI said.
“The relative reduction of violence since the start of the year, and the introduction of de-escalation zones across the country, will ease the pace of devastation, but the economy remains in the doldrums.” Syria’s GDP dropped to US$23.6 billion in 2016 from $59.8bn in 2010, the last full year of peace the country has experienced. Violence broke out in the country in early-2011, following the events of the Arab Spring, which prompted the overthrown of governments in Tunisia and Egypt. Civil conflict quickly spread throughout Syria from March 2011 and has continued largely unabated ever since. The World Bank said in July that the Syrian war has cost the country $226bn since the outbreak of hostilities and that from 2010 to 2015 more than 500,000 jobs were lost annually. The war has cost 320,000 people their lives, according to the Washington-based financial institution said.
Syrian vehicles market collapsed in the last years and the robust market running over 50.000 units few years is now reduced in proximity to zero, with only few car makers still acting in the market.
The positive evolution of the civil war has created rooms for the slow recovery of economic business and the automotive sector is taking benefit. Starting from a very low base, the 2018 performance is quite positive with Year to Date September figures at 7.982 (+28.9%).
Just four brands are active in the market, with Hyundai on to with 4.517 sales (+12.6%).
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