SA new vehicle sales up

SA new vehicle sales up

JOHANNESBURG – South African new vehicle sales grew by 21,4 per cent in November over the same month last year, despite a slowdown seen late in 2005, data showed on Friday.

Overall sales for the year remain on track for a new record, with more than 500 000 units sold between January and November this year. But the number sold in November dipped to 50 565 from 50 682 sold in October, the figures showed.The National Association of Automobile Manufacturers of South Africa (NAAMSA) said it was confident that the buoyant trend would remain in place as growth in the country’s economy, the biggest on the continent, was accelerating.”The higher growth momentum in the South African economy – confirmed by recent official statistics – augurs well for new vehicle sales over the medium term,” NAAMSA said in a statement.In the 11 months to November, new vehicle sales grew by 25,5 per cent compared to the same period during 2004.Official figures last week showed that South Africa’s economy expanded by a slower 4,2 per cent in the third quarter, partly reflecting an upward revision to its growth rate in the second quarter, when it rose by 5,4 per cent.Vehicle production is the second-biggest category in the country’s key manufacturing sector – which accounts for more than 16 per cent of the economy – and vehicle exports comprise nearly seven per cent of South African goods shipped abroad.Latest available statistics showed that export sales of South African produced vehicles rose by 17,2 per cent to 16 425 vehicles between January and October compared with the first 10 months of 2004, NAAMSA said.”Since the middle of 2005, exports of vehicles have gained momentum recording substantial increases,” it added.-Nampa-ReutersBut the number sold in November dipped to 50 565 from 50 682 sold in October, the figures showed.The National Association of Automobile Manufacturers of South Africa (NAAMSA) said it was confident that the buoyant trend would remain in place as growth in the country’s economy, the biggest on the continent, was accelerating.”The higher growth momentum in the South African economy – confirmed by recent official statistics – augurs well for new vehicle sales over the medium term,” NAAMSA said in a statement.In the 11 months to November, new vehicle sales grew by 25,5 per cent compared to the same period during 2004.Official figures last week showed that South Africa’s economy expanded by a slower 4,2 per cent in the third quarter, partly reflecting an upward revision to its growth rate in the second quarter, when it rose by 5,4 per cent.Vehicle production is the second-biggest category in the country’s key manufacturing sector – which accounts for more than 16 per cent of the economy – and vehicle exports comprise nearly seven per cent of South African goods shipped abroad.Latest available statistics showed that export sales of South African produced vehicles rose by 17,2 per cent to 16 425 vehicles between January and October compared with the first 10 months of 2004, NAAMSA said.”Since the middle of 2005, exports of vehicles have gained momentum recording substantial increases,” it added.-Nampa-Reuters

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