BMI Reduces Sales Forecast After Poor H111

New car sales in Poland continue to fall, with H111 sales growth down 12.3% year-on-year (y-o-y), to 138784 units, according to estimates from the European autos association (ACEA). Given that car sales peaked towards the end of last year as consumers rushed to benefit from a full deduction in VAT, we are concerned that the high base effect will make positive growth difficult to attain during the remainder of the year. As such, BMI has significantly revised down its passenger car sales forecast to a nearly 13% y-o-y fall expected by year-end. Although BMI remains fairly optimistic about Poland's domestic

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