Autos Sector Recovery Likely To Be Slow

Car sales fell in Kuwait in 2009 to 199,133 units, from 122,623 in 2008, according to BMI figures. The impact of the international economic crisis was felt in the Gulf state's economy; plunging oil prices in the latter half of 2008 and early 2009 had a serious effect on the country's income, while tightening credit also curtailed economic growth. The Central Bank of Kuwait (CBK) estimates that the country slid into recession, according to arabianbusiness.com. Loan growth fell to just 6.1% in 2009, totalling about KWD25.1bn, according to a report by KIPCO Asset Management Company (KAMCO). In 2008, loan growth had trimmed to 17.5% from 35% in 2007,

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