The Worst Is Yet To Come

The effects of a sharp drop in consumer and business confidence are beginning to be felt in the Greek autos market. Estimates from the Association of Motor Vehicle Importers (AMVIR) show that monthly new vehicle sales reached their lowest point since 1985 in October 2011, thanks to a 35.7% year-on-year (y-o-y) contraction to 5,023 units. With consumers feeling the pinch of newly introduced higher taxes and already high vehicle ownership costs, we believe that a recovery in new vehicle sales is a long way off and unlikely at any time during the forecast period to 2016.

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