The Eurozone crisis plus a tax reform bill and the beginning of the domestic presidential campaign were the main reasons Colombian GDP grew 4.3% instead of the forecast 4.7% in the first quarter of 2012. The stock market, construction and car sales are all showing signs of slowing.
The tax reform, which includes a reduction in VAT [sales tax] on vehicles from 25% to 16%, was leaked to media by someone in the economy ministry and slowed the last month of sales. A couple of weeks later, the reform was announced for debate in congress and will be implemented gradually by 2014.
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According to Econometría staticians, car sales in June were 1% lower year on year at 26,749. First half sales were up 1.7% to 160,831 units. A record full year tally of 330,000 vehicles is forecast because November will see the Bogotá Autoshow, which is called the ’13th month’ of sales.
Market leader is Chevrolet with 28% market share while BMW leads the premium segment with 36% for the seventh year in a row.
Last month’s new model launches were: Hyundai’s i30; Chery XCross minicrossover and Yoki micropickup; Great Wall Voolex sedan; Geely SL 1.8 sedán; Changhe Freedom microvan; Audi A4 facelift; and BMW M5.
