Following the massive Covid-19 pandemic-related decline in new vehicle sales of 29.2% from 536,612 units in 2019 to 380,206 units in 2020, the new vehicle market reflected a strong rebound increasing year-on-year by 22.1% to 464,122 units in 2021.
Economic disruptions include July 2021’s civil unrest, a cyberattack on Transnet operations, a three-week strike in the steel and engineering sector, the adjusted alert level 4 lockdown restrictions during the second half of the year as well as record fuel prices and a first interest increase in three years.
However, Naamsa said that Covid-19 has increased the levels of uncertainty and its effects will be felt for years to come. “Load shedding will remain an area of great concern in 2022, limiting the economy’s ability to reach full capacity. Furthermore, the realities of rising interest rates and fuel prices are expected to impact vehicle affordability as household budgets remain under pressure, dimming the hopes of a further strong recovery in the economy any time soon,” it said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa is making changes to its borders in 2022 – here’s what to expect2022 will see significant changes made to the country’s borders.
Source: BusinessTechSA - 🏆 24. / 61 Read more »
Read this if you are starting a business in South Africa in 2022Whether you’re leading a business or a business unit, or working as a freelancer, mastering business strategy is key to your success. And the end of a year and the start of a new one is a great time to create or revisit your strategy, says Tara Turkington, CEO of Flow Communications. 1. What the hell are you thinking...? 👌🏾
Source: BusinessTechSA - 🏆 24. / 61 Read more »
13 jobs in South Africa that pay over R1.5 million in 2022Specialist professional recruitment firm Robert Walters has published its annual salary survey for 2022, showing what skilled professionals in South Africa can expect to earn in 2022.
Source: BusinessTechSA - 🏆 24. / 61 Read more »
Two big changes planned for South Africa in 2022: RamaphosaPresident Cyril Ramaphosa delivered the annual 8 January statement at the ANC’s birthday celebrations, outlining several key regulatory changes which the ruling party plans to push through in 2022.
Source: BusinessTechSA - 🏆 24. / 61 Read more »
Africa Cup of Nations Report: Senegal v Zimbabwe 10 January 2022There was late drama at the Stade Omnisports de Bafoussam as Senegal began their Africa Cup of Nations campaign with a 1-0 win over Zimbabwe on Monday afternoon.
Source: Soccer_Laduma - 🏆 22. / 63 Read more »
Africa Cup Of Nations Report: Ethiopia v Cape Verde 09 January 2022Cape Verde got their Africa Cup of Nations campaign off to a positive start after edging ten-man Ethiopia 1-0 on Sunday night. SLInt MORE: Ethopia went there to merely add numbers there's no ways they gonna win a single game let alone score a goal playing the way they did yesternight.
Source: Soccer_Laduma - 🏆 22. / 63 Read more »