Autos Sector Will Have To Wait For Full Recovery

With Greek 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. The market reached its lowest point since 1985 in October 2011, thanks to a 35.7% year-on-year (y-o-y) contraction to 5,023 units, taking the 10 month cumulative sales down 35.7% y-o-y, to 131,037 units.

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