Angola vehicles market has dramatically dropped again in 2018 when sales fell at 12.636, with the recession still in place. Toyota held the market crown with over 38% of share, ahead of Hyundai and Suzuki.
Angola’s economy appeared to have remained stuck in recession in Q4 2018, on the heels of a weak Q3 showing which had marked the fourth consecutive quarter of contraction. The Q4 downturn was likely led by the country’s all-important oil sector, as tumbling global oil prices likely more than offset the marginal gains stemming from the uptick in oil production.
The economy is seen emerging from recession this year, amid improving domestic demand. Easing inflationary pressures and a more accommodative monetary policy environment should spur private consumption, while ongoing economic reforms should bolster investment activity. Angola’s dependence on its oil sector, however, remains the key downside risk to the outlook.
Despite this country is among the most stable and rich in the entire African continent, the automotive industry is involved in the hardest crisis ever, due to the persistent recession, increased taxation and increase import of used vehicles. For all these reasons combined, the domestic market is in free-fall after having hit in the 2014 the all time record with 40.000 units.
In that year Angola surged among the top 10 countries in Africa!
However, when in the 2015 the price of crude oil in the international market started to deeply fall, to not really recovered, the economy – too depending by oil industry – entered in a recession and the political restrictive actions have only further hit the economy, killing internal demand for consumers goods.
In the following years, the market reporting a series of sharp drops, falling in 2018 at 12.636.
Brand-wise, Toyota held the market crown with over 38% of share, ahead of Hyundai and Suzuki.