–Includes export and production data from VDA in 3rd paragraph
FRANKFURT (MNI) – The number of new cars registered in Germany
rebounded in February to 224,000 after a sharp decline in January, the
automobile manufacturers’ association VDIK reported on Friday.
Increasing 6.7% on the month, February’s gain was in line with last
year’s figure, resulting in no change. The number of new cars registered
over the first two months of this year, 434,000, was also broadly
unchanged from the previous year’s level, VDIK added.
Confirming VDIK’s figures, automobile association VDA reported that
new car exports fell 6% on the year in February, while production
slipped 3%. Looking at both January and February, 719,600 cars were
exported, up 1% compared to the same period last year. Output reached
947,300 over the first two months of this year, up 3% on the year.
The country’s robust labour market and high expectations ahead of
upcoming wage negotiations continue to support Germans’ willingness to
spend. Households’ propensity to buy has also been supported by the
ongoing debt crisis, GfK said last month.
“Consumers’ confidence in the stability of their currency and the
financial markets has noticeably fallen in the wake of the debt crisis,”
the market research group noted. “As a result, consumers are currently
more likely to make high-value purchases rather than put their financial
resources in the bank at historically low interest rates.”
— Frankfurt bureau: +49 69 720 142; email: frankfurt@marketnews.com —
[TOPICS: M$X$$$,M$XDS$,MAGDS$,M$G$$$]
