Passenger car sales in Europe continued to fall in June and hit the lowest level for the month in seventeen years as economic growth remained sluggish across the euro area, fueling unemployment and weakening households' purchasing power.
Registrations of new passenger cars fell 5.6 percent annually to about 1.13 million units, which was the lowest June level recorded since 1996, data released by the European Automobile Manufacturers' Association (ACEA) showed Tuesday. This followed a much worse 6.9 percent fall in May to a twenty-year low for that month.
Car sales in the EU plus the four EFTA countries totaled 1.17 million units in June, down 6.3 percent from a year ago.
Among major markets, France recorded the most pronounced fall in sales of 8.4 percent, followed by Italy and Germany, where registrations contracted by 5.5 percent and 4.7 percent, respectively.
Meanwhile, the U.K. emerged the only country to record an increase in sales, with a 13.4 percent annual growth. Sales in Denmark rose by 9 percent, and Portugal recorded a 2.9 percent growth.
During the six months ended June, overall car sales in the EU decreased 6.6 percent annually to around 6.2 million. Including the EFTA countries, sales were 6.43 million, which was reportedly the lowest level since 1993. All markets, expect the U.K., recorded decline in sales during the period.
Among major brands, the Fiat Group recorded a sharp annual decrease of 12.6 percent in June. Sales of car produced by the General Motors Group fell by 9.9 percent, and those of the BMW Group decreased by 7.9 percent. Toyota and Nissan posted declined of 5.4 percent and 12.1 percent respectively, data showed.
Underscoring the widespread slump in demand, industrial production in the euro area decreased for the first time in four months in May, casting doubt over the ability of the sector to support a sustained economic recovery. Production fell in sixteen and rose in seven member states.
The Eurozone economy continues to remain mired in a recession, the longest in its history, weakening economic activity significantly that has led to record high unemployment. In the month of May, the jobless rate climbed to 12.1 percent from 12 percent in April, hitting an all-time high.
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