Norway Autos Report - Business Monitor International - Industry Reports

Norway Autos Report

Norway Autos Report - Business Monitor International - Industry Reports
Norway Autos Report
Published Sep 03, 2016
32 pages — Published Sep 03, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

We are revising our outlook for the Norwegian autos sector downwards in ---- as the economy continues to adjust to a structural downturn in global energy prices, which will translate into weaker vehicle demand. Our Country Risk team has lowered their real GDP growth forecast for ---- to -.- from -.- as growth in the oil export-dependent nation continues to be constrained by low global crude oil prices. As a result, we now forecast growth of -.- in vehicle sales in ----, down from our previous forecast of -.- for the year. Over the course of ----, we expect a weak labour market and poor consumer appetite for credit to translate into a reduced demand for new passenger cars, while a downturn in construction activity in the hydrocarbons sector weakens growth in the commercial vehicle (CV) segment. Given these factors, we forecast passenger car sales to grow by -.- in ----, while CV sales will expand by -.- . Over our forecast period of ---------, vehicle sales will average an annual growth of -.- , down from the high average growth of -.- seen over ---------, as Norway transitions from being a hydrocarbon- dependent economy. This period will be characterised by the CV segment outperforming the passenger car segment driven by government spending on infrastructure development.

...We forecast growth of -.- in passenger vehicle sales in ----, a slight slowdown from an expansion of -.- in ----, as weak private consumption in the economy translates into a reduced demand for new cars. Our Country Risk (CR) team expects private consumption to be constrained by factors including the weak labour market and tight credit conditions. ...Our Country Risk (CR) team expects private consumption to be constrained by factors including the weak labour market and tight credit conditions. Norway s unemployment rate jumped to a decade-high -.- in June ---- , up from -.- the previous month, as the nation s petroleum producers and oil service companies continue to shed jobs amid low global oil prices (see chart below). Our CR team expects the unemployment rate to rise above - in the next two years as hiring growth in oil and non-oil employment remains tepid over ---------. ...Our CR team expects the unemployment rate to rise above - in the next two years as hiring growth in oil and non-oil employment remains tepid over ---------. As a result, we expect real wage growth to remain negative to flat and unlikely to surpass -.- until at least ----, and this weak growth, combined with the prospects of further job losses, will constrain spending on expensive purchases - including new cars.

...Passenger car sales, units Light commercial vehicle sales, units ---- ---- ----f ----f ----f ----f ----f - ---,--- ---,--- ---,--- f = BMI forecast. Source: OFV, BMI Key Views Vehicle sales will grow by -.-- in ----. ...

  
Source:
Document ID
2055-4532
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Norway Autos Report" Sep 03, 2016. Alacra Store. Dec 04, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Norway-Autos-Report-2026-1564>
  
APA:
Business Monitor International - Industry Reports. (2016). Norway Autos Report Sep 03, 2016. New York, NY: Alacra Store. Retrieved Dec 04, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Norway-Autos-Report-2026-1564>
  
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