Russian car, LCV market shrank 11% in 2016, 4% growth seen in 2017 - AEB
MOSCOW. Jan 12 (Interfax) - Sales of new cars and light commercial vehicles in Russia fell 11% to 1.42 million in 2016, Joerg Schreiber, Chairman of the Association of European Businesses (AEB) Automobile Manufacturers Committee, said at a conference on Thursday.
However the market fell just 0.9% to 146,000 vehicles in December alone.
The AEB forecasts it will rise 4% to 1.48 million in 2017, Schreiber said.
"The forecast assumes that government support for the automobile sector will be as planned in 2017 and that new programs will be effective, the AEB said.
The forecast takes "cautious signs of improvement in the external environment" such as oil prices and the GDP trend into consideration, it said.
The 2016 results were "in line with the AEB's June forecast," and the fourth quarter showed an almost neutral trend.
Off-road vehicles accounted for 36.2% of the Russian market in 2016 and automobiles assembled in Russia for 74.8%.
The AEB said in a presentation that the Russian market was Europe's fifth biggest in 2016.
