Despite another tough economic year, in 2016 the sales of new passenger vehicles were 40% higher than sales at the height of the 2009 recession - but 25% below the record of the 480,000 cars sold in 2006. Given the prevailing economic conditions, it is likely to be several years before we reach the fabled 500,000 sales mark, a target destroyed by the global financial crisis. If our forecasts are correct, roughly 355,000 cars should be sold in 2017, about 2% down on last year's number. This expected contraction in the sale of new passenger vehicles is in line with the expectation of a reduction in the household consumption of durable goods this year. However, we do expect passenger car sales to turn positive in 2018. For the first time in 22 months, January domestic passenger vehicle sales registered an increase compared to the same period last year, up just under 5%. There have been only 12 months of growth in the past four years. On the face of it, this is a welcome turnaround, but...
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