South Africa's new car sales growth slows to 11.7pc y/y

JOHANNESBURG: South Africa's total new vehicle sales increased by 11.7 percent year-on-year to 49,499 units in November, with growth slowing as the economy weakens, the National Association of Automobile Manufacturers said on Friday (NAAMSA).

NAAMSA said the slow down in the growth rate in the sales cycle was consistent with slower economic growth recorded in the general economy.

Exports in November declined by 28.3 percent, or 8,084 less cars sold compared with the same period last year, suggesting subdued demand in international markets, the industry body said.

"Prospects of slower global growth, particularly in developed economies, could impact on industry export sales going forward."