2014-02-07 23:08:01 - Kuwait Autos Report Q1 2014 - a new market research report on companiesandmarkets.com
BMI believes that Kuwait continues to represent one of the more attractive autos markets of the Gulf region as we enter 2014, with good positive growth potential in both the volume and high-end segments. In H113, new car sales were reportedly up by 8%. This bodes well for the forecasts for total new vehicle sales to rise by 9.1% over the full year, so we have left our forecasts unchanged this quarter.
Looking forward, we believe that strong annual growth (in the order of 8-10%) can continue over the remainder of our forecast period to 2017.
Continuing to support our upbeat stance towards Kuwaiti auto sales is a positive economic backdrop. For 2014, BMI recently revised up its GDP growth target to
2.9% (from 2.6% previously). We now believe that Kuwait´s economy should continue to grow at a modest pace throughout the coming quarters, helped by a mild projected rise in oil production and strong domestic demand. We remain cautious on the country´s investment outlook; although we note that robust growth in construction loans in recent months and the prospect of a mild increase in government capital expenditure this fiscal year provide encouraging signs for gross fixed capital formation (GCFC), with BMI targeting 5% growth for fixed investment across 2014.
This could help lend support to demand for commercial vehicles within the country.
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