About That "Increase" in Spain's January Car Sales

Earlier today I posted some numbers on European Car Sales. Here they are again.

• Portugal -47.4%
• France -20.7%
• Italy -16.9%
• Belgium -16%
• Cyprus -17%
• Greece -13.3%
• Germany -.4%
• UK unchanged
• Spain +2.5%
• Ireland +1.5%

My friend Bran (who lives in Spain) writes ...

Hello Mish

That's very funny. You are right - (according to figures) that Spain car sales increased 2.5% yoy. However January 2011 had sales at 1993 levels and they have declined overall since then. Also there was a seasonal adjustment that gave a higher reading for January this year here according to the above article.

On a monthly basis sales were down something like 6%. Moreover, during the two first weeks of February sales are down 12.9% yoy.

Car sales fall 13% in the first two weeks of February

Courtesy of Google Translate (from a link sent by Bran), please consider Car sales fall 13% in the first two weeks of February

Car registrations stood at 22,505 units in the first two weeks of February, representing a fall of 12.9% over the same period last year

Sales to private individuals, acting as a barometer of market realities, fell by 8.1% so far this month, up to 11,024 units, dragged down by negative figures from almost all regions. Be seen, therefore, that factors such as lack of funding, rising unemployment and distrust in the evolution of the economy continue to weigh on private sales.

Channel companies also saw down its operations during the first two weeks of February, down 15.8% which placed enrollments in 6206 units, thus putting paid to the recovery expectations generated last January. Meanwhile, registrations of alquiladoras suffered a decline of 18.5% with 5,275 units, after falling 11.1% in the Madrid-largest market for this channel-lastrase the growth in other regions tourism as Balearic (+164,7%), Basque (+100%) and Catalonia (26.3%).

Ganvam president, Juan Antonio S�nchez Torres, who represents 4,600 dealers / services purchases and 3,000 officers, said the poor figures in the first half of the month show the reality of a market "depressed" after the "mirage of growth" produced in January due to a mere statistical effect driven by the calendar probably meet again this month since this leap year.

I was struggling to believe that increase in Spain. However, I reported the numbers as given.

The facts are now in: That increase was an "accounting mirage". In reality, Spain failed to beat 1993 car sales.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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