Encouraging Signs

July 2006 | Industry Forecast

We expected sales for the whole of 2005 to reach around 395,397 units and even this was modest. Full year sales for 2005 reached 402,690 units, up 29% y-o-y. This is a significant slowdown in growth from 2004, but as mentioned earlier, the industry is still very much righting itself after financial crisis. Subsequently, although we expect sales growth to continue to be positive for the remainder of the forecast period, we forecast only single-digit growth of around 5-6% for 2006. As mentioned earlier in this report, production figures for the first five months of 2006 have been very encouraging.

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