Brazilian motor vehicle sales on the domestic market fell 26.6% in 2015, returning to 2006 levels, and could post another negative year in 2016, the National Motor Vehicle Manufacturers Association (Anfavea) said Thursday. Sales in 2015 were 2.57 million, down 26.6% from 2014. Production of 2.43 million was down 22.8% from 2014. The association said sales will likely decline another 7.5% in 2016 while production could eke out a small increase on rising exports. Brazil’s overall economy shrank by an estimated 3.5% in 2015 and will likely contract again this year, according to most economists. The economy has been hit by rising inflation, high interest rates and high levels of consumer debt.
Link to Anfavea release.
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