Vehicle Sales Rise 12.7% In May
News: Namibia registered a 12.7% month-on-month (m-o-m) increase in vehicle sales in May, representing the highest monthly increase since January, Namibia Economist has reported. The country registered sales of 5,539 vehicles in the year-to-date period, with passenger vehicle sales representing 46.9 % of total vehicle sales, while light commercial vehicles represent 48.1% of total vehicle sales during the period. Passenger vehicle sales rose 21.4% m-o-m to 611 units in May, with Volkswagen and Toyota registering the highest sales during the month.
BMI View: Although BMI has downgraded our expectations for Namibian growth in 2013 from 4.6% to 4.3%, owing to ongoing sluggishness in the global economy, and the prospect of delayed private investment due to a slump in the prices of key commodity exports, we believe Namibian consumers will continue to play an important role in the country's growth, and we are expecting sustained increases in private consumption in 2013.