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Euro area car registrations hit another all-time low

 
 
 
Based on the ECB's seasonally and calendar-adjusted measure, Euro area car registrations slumped to a new all-time low in January. The 9.6%m/m fall more than reversed December's gain and leaves the level in January 24% annualised below the 4Q12 average. The declines were also quite broadbased across countries. Germany saw a 7%m/m decline in January, which is almost a two and a half year low and which leaves January 21%-ar below 4Q12. Through the monthly noise, the trend is even weaker in France, with car registrations in January 30%-ar below 4Q12. Italy got off to a similar start to 1Q13. In contrast, Spain continued to recover somewhat following the recent post-VAT declines. Hence, Spanish car registrations rose 5.9%m/m in January, which was the third consecutive monthly gain and leaves January up 54%-ar on the 4Q12 average. Both Ireland and Greece have been looking more stable in recent months, while Portuguese car registrations may still be trending modestly lower.
 
 
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Sources: ECB, J.P. Morgan


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