The Federation of St.Kitts-Nevis is expecting to record another record breaking year in Automotive Sales according to sources. Last year 2015 the federation broke it’s previous record with some companies recording the largest and highest sales figures and numbers of vehicles sold in history.
2016 is expected to be another historic year as total vehicle sales by auto dealers in the federation has near equaled total sales for 2015 . With 2 months remaining in 2016 and the expected VAT Discount Day in December the previous record set in 2015 is expected to be easily shattered with an increase in at least 25% in Total Auto Sales from 2015 to 2016 .
S.L Horsford and Co. Ltd led the pack in 2015 selling more vehicles than any other dealer in the federation whilst recording their highest and largest total Auto Sales figure ever in the company’s history. They are well on track to exceed the record breaking year in 2015.
A Robust economy along with the VAT Discount days have combined to result in the successive years of record sales among auto dealers. Auto Retailers mainly TDC and Horsford’s Automotive both indicated record sales activitiy for the 2015 VAT Discount Day . According to reports the Auto retailers saw a 100% Increase in Auto Sales on VAT Discount Day 2015 to both VAT Discount Days combined in 2014.
For both VAT Discount Days combined in 2014 a total of approximately 115 vehicles were sold. That amount was doubled on the lone VAT Day on Friday December 18th 2015 when the two main retailers are reported to have sold a total of approximately 225 vehicles. Horsford’s Auto is reported to have sold close to 100 vehicles in St.Kitts and 30 in Nevis . While TDC sold close to 80 vehicles in St.Kitts and approximately 20 in Nevis on the VAT Day in 2015. If the trend over the last few months continues Those amounts are expected to increase by at least 25% over VAT Day sales numbers from last year.
GDP and employment in St Kitts and Nevis has experienced rapid growth, with the Federation’s projected growth rate outperforming many in the region. The nation is expecting a growth rate of 3% by the year’s end. In comparison, the United Kingdom is currently growing at 1.8%, the United States at 1.6%, Canada at 1.2%, and the Eurozone at 1.7%. According to the International Monetary Fund (IMF), St Kitts and Nevis is expected to reach a projected growth rate of 3.5% in 2017, the highest rate in the entire Caribbean region.
The IMF’s World Economic Outlook [October 2016], a separate report, predicts a real GDP growth of 3.5% in 2016 and 3.5% in 2017. On a regional scale, the report also anticipates a real GDP growth of 0.6% in 2016 and 1.6% in 2017 for Latin America and the Caribbean. Forecast is also given for the eight members of the Eastern Caribbean Currency Union, with an estimated growth average of 2.2% in 2016 and 2.6% in 2017.