Export Weakness Threatens Production Industry

New car sales in Poland continued their recent decline throughout the first 10 months of 2011, down about 7% y-o-y from 2010, according to the European Automobile Manufacturers Association (EAMA). This is despite Poland's economy not suffering the fate of other European nations, such as Greece, where the autos industry has totally collapsed since the beginning of the economic crisis. In fact, retail sales grew around 11.4% y-o-y in September. This apparent disparity is partially explained by a culture of importing cars, which may have been a factor in the recent acquisition by VW of the sales network of some

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