Global Auto Sales Continue Decline
Vehicle purchases around the world are in decline for the eighth consecutive month.
Global auto sales fell by 7.9% year-on-year (y/y) in April, which was amplified by idiosyncratic developments across emerging markets. The slowdown in most advanced economies–including the US and Canada–is largely in line with a moderating growth outlook.
Statistics by Scotiabank Economics show the y/y decline in sales for April by country:
European Union Sales are continuing a solid recovery with six months of consecutive growth. Germany and France experience a slight bounce-back to positive y/y growth last month, while Italy and Spain report positive y/y growth for April.
In Canada, fleet vehicle deliveries partially offset a decline in retail sales, and light truck sales see another growth; however, Scotiabank Economics anticipates that y/y declines will continue through the next quarter before rebounding later in 2019.