NEW vehicle sales surged for the second month in a row with overall sales up 16,2% in the year to last month, accelerating from a 12% increase in January, as demand for passenger cars climbed, an industry body said yesterday.
The surge is the second positive data surprise this week, after news that factory activity scaled a three-year peak last month.
New vehicle sales have fallen for three years in a row and plunged by nearly 28% last year, which marked SA’s first recession since 1992.
The figures from the National Association of Automobile Manufacturers of SA (Naamsa) reinforce the view that interest rates need not be cut again to spur the recovery and that consumer spending, the economy’s main engine, may be reviving after falling for five quarters in a row.
http://www.businessday.co.za/articles/Content.aspx?id=95156
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