BMI Reverses Outlook For Autos Recovery

New car sales in Hungary ended 2011 up a modest 3.7% year-on-year (y-o-y), at nearly 44,925 units, falling closely in line with BMI's expectations of 3.4% y-o-y growth in the passenger car segment. This growth comes on the back of five consecutive years of contraction in the market and it is far from reflective of improving conditions. In fact, in line with our Macroeconomic team's expectations of Hungary edging back into recession in 2012, with real GDP anticipated to contract by 0.5% y-o-y, we have significantly reversed our vehicle sales forecast from 13.5% y-o-y growth expected earlier to a 1.4%

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