The financial crisis gripping the European Union is starkly
reflected in the latest monthly figures released for sales of new
passenger cars in its 27 member countries.
A total of 1,106,845 cars were registered during May with most
markets shrinking, leading to an overall 8.7% downturn. All the
major markets bar one contracted compared to May 2011, ranging from
-4.8% in Germany to -8.2% in Spain, -14.3% in Italy and -16.2% in
France.
Only the UK posted growth (+7.9%).
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In the first five months of the year, new registrations in the
EU stood at 5,442,326 units, or 7.7% less than in the same period
last year. Year-to-date, registrations slightly increased in two of
the most significant markets, with the German stable at +0.3% and
the UK recording +2.6%. Elsewhere, demand dropped, by 7.3% in
Spain, and more severely in France (-17.2%) and Italy (-18.9%).
The two severest year-to-date declines in registrations make
depressingly predictable reading – Portugal (-43%), followed by
Greece (-40%).
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