Russian car sales slumped 12% year on year in May to 230,000 units prompting the Association of European Businesses to cut its forecast for the full year from flat to a decline of 5%.
The figures published by the AEB are an indication that a slowdown in Russia’s US$2 trillion economy is intensifying. The business lobby has cut its forecast for 2013 to 2.8m units following three months of falling sales, down from the 2.94m recorded in 2012.
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AEB chairman Joerg Schreiber said: “Market participants are concerned about this situation, and expect continued slow demand before a potential improvement in the second half of the year.”
May’s fall was heavier than the 8% decrease seen in April and the 4% fall in March.
