Boston, MA -- (SBWIRE) -- 10/20/2014 -- In 2014, BMI forecasts an 8.7% increase in vehicle sales on the back of an expected 15% uptick in the passenger car segment and 19.9% jump in commercial vehicle (CV) sales.

Passenger car sales in Greece increased 22.5% year-on-year in the first seven months of 2014, to 45.101 units. BMI attributes this growth over the year-to-date to low base effects and pent-up demand in the market following years of sustained declines. We believe that slightly higher base effects in H213 and the persistent weakness in the Greek consumer story will serve to temper the growth rate somewhat over the full year. Accordingly, we maintain our existing forecast of 15% growth.

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Unemployment remains high, consumer sentiment is weak, and retail sales continue to fall. We expect these dynamics to continue over the year as the economic malaise, combined with austerity measures and political uncertainty, continues. These dynamics weighed on passenger car sales for much of 2013, but the segment rebounded somewhat in the final months of the year on the back of pent-up demand in the market and low base effects. BMI expects these dynamics to continue to buoy the market over the course of 2014 despite the generally bearish macro picture.

CV sales in Greece declined 4% in 2013, a far more moderate drop-off than the steep declines witnessed in this segment in recent years. BMI believes that this modest respite comes on the back of low base effects from a weak 2012 and pent-up demand from several years of sustained declines. We expect these dynamics to buoy the segment somewhat in 2014 despite our bearish view on the broader macro picture, and this has informed our forecast for 19.9% growth in total CV sales over the year.

The Greece Autos Report features the latest data and forecasts covering production, sales, imports and exports.

Business Monitor International (BMI)'s Greece Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Greece.

Key Benefits

- Benchmark BMI's independent automotives industry forecasts on Greece to test other views - a key input for successful budgetary and planning in the Greek automotives market.

- Target business opportunities and risks in the Greek automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Greece.

- Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.

Coverage

BMI Industry View

Summary of BMI's key industry forecasts and views, covering production, sales and the introduction of new technology or products.

Global, Regional and Country Industry Overviews

In-depth analysis of the major global and regional developments in the market, which can be linked with the country industry overview, providing cross-country investment, product and financing trends that will affect each market, supported by BMI?s global and regional industry forecasts.

Business Environment Rankings

BMI's proprietary Autos Business Environment Rankings are a unique country-comparative Risk-Reward Rankings index that separately analyses the risks and rewards of operating in each market. It is aimed at investors (including manufacturers, suppliers and dealers) who seek to either identify and compare market opportunities, or evaluate country-specific operational challenges.

The rankings methodology makes sophisticated use of over 40 industries, economic and demographic data points.

BMI Industry Forecasts

Historic data series and forecasts to end-2018 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:

Total production value (US$bn); total production of units; production by vehicle-type (including cars, commercial vehicles, trucks and buses); total sales value (US$bn); sales by vehicle-type, including passenger cars and commercial vehicles (vans and microbuses, pickups, trucks and buses, 4 wheel drive); total exports by value (US$bn) and by units; total imports by value (US$bn) and by units; contribution to GDP; employment in industry.

BMI Economic Forecasts

BMI forecasts to end-2018 for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.

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