The vehicle markets of the gulf states: falling oil prices point to decline

摘要

After a growth in imports of over 4% in 1997, vehicle demand in the three largest markets of the Gulf Co-operation Council (GCC) is forecast to fall back in 1998-99, despite the efforts of OPEC to stabilise oil prices in the interim. A 19% decline in imports is forecast for 1998 with no real recovery in prospect before the second half of 1999. Overall the Japanese have won the competitive battle in 1996-97 and look set to continue to do so over the short term. GM is likely to suffer along with some of the smaller European players selling in the lower market segments.