Our core view for the Bahraini autos market envisages only modest growth in vehicle sales in our forecastperiod to 2017. In 2013, we forecast vehicle sales to grow only 3% y-o-y, to 54,500 units - compared withthe 5% y-o-y we expect in 2012.Much of the growth in 2012 is expected to have come on the back of a continued favourable demandfundamentals in the households in the year. We believe household consumption should continue expandingat a relatively steady clip over the coming quarters, supported by low interest rates and the uptick ingovernment spending. However, what prompts our cautious view for the autos market is the fact thatactivity in Bahrain''s non-oil ...
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