Registrations continue to rise
- Category: Economic Release
- Posted: 04 January 2016
|Nov 15||Oct 15||Sep 15||Aug 15
Vehicle Registrations continue to rise
Vehicle registrations rose slightly by 7.4% over November. The main drivers were “Taxis and rentals” and “Light vehicles”. “Buses” and “Heavy vehicles” also contributed to the monthly increase. The anticipated high demand for vehicles during the festive season is one of the key reasons for the increase. The lower fuel prices also support the monthly rise in vehicle registrations. In annual terms, registrations increased by 31.3% as a result of more registrations for all vehicle types except “Government vehicles”, and “Motorcycles”.
Looking forward, the NRBT expects growth in vehicle registrations supported by the continued decline in global oil prices and a rise in the number of car dealers locally. Additionally, liaisons with vehicle importers have indicated rising popularity of particular models and thus higher demand of vehicles. Furthermore, new vehicle loan commitments have been on the rise recently, indicating a projected rise in registrations for the near-term. Anticipated strong growth for the tourism sector is also expected to have spillover effects on transportation sector and namely for public transport, car rental providers and vehicle registrations.
Download the full Vehicle Registrations Report for November 2015 for more information and figures.