Turkeys automobile market loses momentum
Business |
Drop of 25 percent in 2014 comes after Central Bank sharply increased interest rates.
Sales of cars and light commercial vehicles in Turkey declined by 27.5 percent year-on-year in April, exacerbating the fall recorded in the first quarter. Sales declined from 73,575 in April last year to 53,305 last month, the Automotive Distributors Association reported on Tuesday.
While car sales showed a 24.97 percent decline in April year-on-year, light commercial vehicle sales shrank by 36.44 percent, compared to the same month of last year.
During the January-April period, total sales decreased to 168,577 from 226,179 in same period of last year. The contraction of the sectors began on January 28 when the Central Bank sharply increased interest rates.
The move was aimed at suppressing growth in consumer loans in order to protect the declining value of the local lira currency and control the budget deficit.
While car sales showed a 24.97 percent decline in April year-on-year, light commercial vehicle sales shrank by 36.44 percent, compared to the same month of last year.
During the January-April period, total sales decreased to 168,577 from 226,179 in same period of last year. The contraction of the sectors began on January 28 when the Central Bank sharply increased interest rates.
The move was aimed at suppressing growth in consumer loans in order to protect the declining value of the local lira currency and control the budget deficit.
