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06-01-17

GCC automotive sector to increase in 2017

(MENAFN) The GCC automotive sector is projected to stabilize and show an increase this year after an unstable 2016 resulting in a decline in new vehicle sales.Moreover, the industry faced an overall tough market last year due to many issues involving low oil prices.However, the new sales declined by double-digit number, overstocking of parts by distributors, lack of clarity for the near future.Meanwhile, the automotive industry will only grow in the region due to the relatively low price elasticity in demand.