Motor Trade Increased 3.5 Percent in 2014
Johannesburg—Sunburst Africa–According to figures released by Statistics South Africa (StatsSA) yesterday, measured in nominal terms (current prices), motor trade sales increased by 3,5% in 2014 compared with 2013. The highest annual growth rates were recorded for fuel sales (6, 3%), workshop income (5, 9%) and sales of accessories (5, 2%).
In December 2014 motor trade sales (current prices) increased by 6, 5% year-on-year. The highest annual growth rates were recorded for new vehicle sales (12, 7%), sales of accessories (10, 9%) and convenience store sales (8, 7%).
Seasonally adjusted motor trade sales increased by 1, 2% in December 2014 compared with November 2014. This followed month-on-month changes of -3, 1% in November 2014 and 0, 7% in October 2014.
Seasonally adjusted motor trade sales decreased by 0, 5% in the fourth quarter of 2014 compared with the previous quarter.
Motor trade sales increased by 4, 0% in the fourth quarter of 2014 compared with the fourth quarter of 2013. The main contributors to this increase were:
- new vehicle sales (4,4% and contributing 1,2 percentage points);
- sales of accessories (6,6% and contributing 1,1 percentage points); and
- Fuel sales (3, 0% and contributing 0, 9 of a percentage point).
South African fundamentals look better for 2015 than they were in 2015. There is huge potential for higher vehicle sales. This has further been boosted by the decrease in fuel prices. Reduction in consumer price inflation will also continue to boosr demand in 2015. However, in data has to be viewed with caution by investors. This is due to power crisis within the economy that might affect the supply chain for vehicles if not redressed.
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