Old Fleet And Easy Leasing To Aid Complete Recovery

New passenger car sales in Estonia grew a robust 92.0% y-o-y to 19,766 units during 2011 on the back of stellar real GDP growth, estimated at 8.0% during the year. Although the growth makes Estonia a significant outperformer in the EU, BMI warns that the recovery remains well below the pre-crisis levels of 2007. It could be further dented by economic headwinds from the eurozone, where BMI's core scenario envisages a recession in 2012 tantamount to -0.3% real GDP growth. This we believe will slow Estonian passenger car sales growth to 10.7% y-o-y in 2012 before it returns to a more sustainable average growth of 13.2% y-o-y between 2013 and 2016.

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