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Russian car sales show growth for first time since 2012

Europe
12.01.2018
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Moscow (dpa) - Russian car sales grew last year for the first time since 2012, a lobby group for foreign investors said Friday, as the troubled national economy shows signs of recovering from recession.

About 1.59 million cars were sold in Russia in 2017, almost 12 per cent more than the previous year, according to the Association of European Businesses (AEB).

"The path to a complete recovery of the market is still long, but the first step has already been accomplished," Joerg Schreiber, an auto market expert at the AEB, told reporters.

Russia has the fifth largest car market in Europe after Germany, the United Kingdom, France and Italy, according to the AEB.

Russia‘s economy began to show signs of recession in 2013 as the car market edged down from a peak of 2.9 million sales the previous year.

In 2014, Russia occupied and annexed neighbouring Ukraine‘s Crimea region in response to Kiev ousting its pro-Russian president. Major Western powers including the European Union reacted with crippling economic sanctions against Russia.

Meanwhile, prices for oil, a major Russian export, plummeted amid a global supply glut. The Russian rouble lost nearly half its value against the US dollar.

 

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