EU passenger YoY vehicle sales surged to a more than ten year high in December, capping a strong year for the European car industry as domestic economic growth accelerated, according to fresh monthly industry data.
December sales jumped 16.6%, their highest for the month since 2009. Sales of over 20% in Spain and 18.7% in Italy outshone sub-10% growth in sales in both Germany and the UK, chiming with the trend seen in regional vehicle sales through the full year. Spanish and Italian sales growth of commercial vehicles also smashed figures from the UK and Germany in November.
Despite the surge, the EU car industry is only now passing registration levels recorded for 2010 in the immediate aftermath of the global financial crisis.
The IMF in September predicted a surge in Euro Area economic growth to 1.5% in 2015 and 1.6% in 2016, up from 0.9% in 2014. The European Commission meanwhile has highlighted the improved prospects for economically weaker member states after sustained falls in relative costs and prices after a sluggish initial response to the global financial crisis. Eurozone growth rates however continue to underperform relative to other advanced economics including the US and UK.
MS – 15/01/2015