Namibia’s monthly new vehicle sales statistics for October contracted by 7.5 percent month on month compared to an 8.5 percent contraction recorded in the previous month, according to the National Association of Automobile Manufacturers of South Africa (NAAMSA).
The statistics released on Monday, also show that on an annual basis, total vehicle sales contracted by 34.5 percent in Ocotober compared to a drop of 15.5 percent registered in the prior year.
“The new vehicle sales number recorded in October was the lowest level since February 2013 when 1,140 units were recorded,” NAAMSA said.
Meanwhile, Namibian Financial firm, Simonis Storm Securities (SSS) on Tuesday in their outlook said, they expect new vehicle sales to continue its downward trend due to the current economic backdrop and state of the Fiscus.
“The increase in the fuel levy by Namibia’s Ministry of Finance coupled with the newly introduced Carbon Emissions tax and slowing private sector credit extension will continue to subdue vehicles sales in the country,” SSS said.
Furthermore, the firm said during the midterm budget review, Namibia’s Minister of Finance suspended 13.5 percent of the amount allocated to vehicles which suggests a slowdown in the consumption of new vehicle sales by the government and they expect vehicle sales to remain low for the remainder of the year. Enditem
Join GhanaStar.com to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.
(Via: NewsGhana)
