Canadian Auto Sales Continue to Grow
Auto sales in Canada are still increasing in spite of high gasoline prices and are expected to continue rising next year, according to a report released by Bank of Nova Scotia today.
In spite of slight moderation in sales over the past couple of months, volumes in Canada increased 2.5% in the first half of 2008 compared to the global average of a 1.5% increase. Canadian auto sales volumes are expected to average 1.67mln units through 2009 an upward trend of 1.6mln per year over the past 5 years.
The strongest gains were in Saskatchewan, where record grain prices have boosted farm income by as much as 66% while the bleakest sales volumes are in the US where the credit crunch has led to a 30% plunge in sales of SUVs and pickup trucks.
Demand is strongest in South America and eastern Europe closely followed by China according to the report.