Car sales in Western Europe grew by 7.6% in February according to data issued by LMC Automotive. The latest positive result will boost cautious optimism over European car market prospects and comes as the European Central Bank raised its forecast for the euro area’s economic growth in 2015 (up to 1.5% from a December forecast of 1%).
The Seasonally Adjusted Annualised Rate (SAAR) of new car sales picked up to 12.9m units a year in February, the best monthly result since September 2011.
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Car sales were by 6.6% in Germany, with the year-to-date market was up by 4.6%. With a selling rate of 3.4m units a year in February, LMC noted that the German car market has made a “solid start” to 2015.
The February total was also bolstered by Spanish market continuing its impressive recovery, boosted by rising consumer confidence and support from the PIVE scrappage scheme. New car sales were up 26.7% in the first two months of the year.
Car sales in Italy were also up well, with growth of 13.2% year-on-year in February.
The French car market also enjoyed a relatively good start to the year, up 5% year-to-date, though a selling rate of just over 1.8m units a year still highlights relative weakness compared to the last decade, LMC said.
The UK market continued to grow well, though, as in January, fleet/business sales led the charge.
See also: ANALYSIS: Europe’s fragile recovery continues
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