WINDHOEK, Jan. 19 (Xinhua) -- Namibia recorded the lowest annual vehicle sales figure of 7,614 in 2020, a 26.8 percent contraction from 2019, according to statistics released Tuesday.

This is the lowest number of vehicles sold in Namibia since 2004, according to statistics from the National Association of Automobile Manufacturers.

Of the 7,614 new vehicles sold during the year, 3,212 were passenger vehicles, 3,869 were light commercial vehicles, and 533 were medium and heavy commercial vehicles.

According to analysts from a Namibian research firm, IJG Securities, the introduction of the longer-dated 72-month vehicle loans has had a small positive impact on new passenger vehicle sales, but not enough to offset the damage done by lockdowns.

"With there being few signs that 2021 will see significant economic growth, we expect new vehicle sales in the country to remain under pressure," IJG concluded. Enditem

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