Companies / Saudi Arabia
Slow Sales But Still Hope
December 2006 | BMI ViewAutomotive sales are forecast to fall 3.5% by end-2006 due to the volatility in Saudi Arabia's stock market, which has hit savings, according to BMI's latest Saudi Arabia Automotive Report. While the economy is likely to grow 6.4% on the back of high oil prices, the ordinary Saudi is reining in their expenditure. Consumer confidence has been knocked by steep falls in the Saudi All Share Index (SASI), which has fallen through key psychological support at 10,000. Credit growth to the private sector has already slowed considerably since the SASI downturn, falling from over 40% y-o-y to 14.69% in
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