Our take on the latest Commercial registrations and activity (Mon 8 Apr 2019)
New medium commercial registrations up 12%pa in the March 2019 quarter
New very heavy commercial registrations up 10%pa in the March 2019 quarter
New light commercial registrations down 1.4%pa in the March 2019 quarter
The key numbers...
- Reasonably strong growth in new medium vehicle registrations comes as welcome relief after falls throughout much of the last year.
- The March quarter results for new medium vehicle registrations fly in the face of softening business confidence but are in line with more fundamental drivers of activity such as continued (albeit slower) population growth and economic growth.
- A softening in new light vehicle registrations is in line with our forecast and reflects weakening confidence among businesses about their own activity and lower business investment intentions - especially in the construction and agriculture sectors.
New commercial registrations
3 month APC
...and our reaction
- In the March 2019 quarter, new light commercial vehicle registrations fell 1.4% compared with a year earlier.
- Over the same period, new medium commercial vehicle registrations rose 12% and new very heavy commercial vehicle registrations rose 10%.
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