Slow Times Ahead

October 2006 | BMI View

Israel's sales growth forecast for 2006 has been lowered from 6.0%, to 3.8%, in BMI's latest Israel Automotives Report due to lower-than-expected sales for the first seven months of the year and a cut in our economic growth forecast from 4.7%, to 3.8%. In the January-July period, vehicle sales grew 2.3% year on year (y-o-y), to 88,314 units. However, the month of July saw an 18% y-o-y drop in sales to 13,100 units, despite a 1% cut in VAT introduced on 1 July. The decline in July sales was attributed to heightened political risk associated with Israel's conflict with the

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