naamsa - Absa Vehicle and Asset Finance BULLETIN | May 2022

Welcome to the May 2022 naamsa SA Auto Market Analysis bulletin publication, in partnership with Absa Vehicle and Asset Finance. The South African Automotive Industry is one of the country’s largest manufacturing sectors and has played a significant role in developing the country's industrial capacity. The sector employs half a million people across the value chain and accounts for 4,3% [2,4% manufacturing and 1,9% retail] of the overall SA’s GDP contribution and approximately 17,3% of SA’s manufacturing output. The automotive key performance trends over the years have shown that sound automotive policy trajectory contributes positively to the growth and stability of the sector. Furthermore, when measured against SA’s GDP projections, the automotive industry trends mirror a close correlation exists between domestic new vehicle sales and the overall performance of the economy, and the new vehicle market performance was aligned with the strong recovery in the country's GDP growth rate of around 5% for 2021.

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