Over the first six months of 2013, vehicle sales in Argentina increased 16.3% y-o-y, to 462,671 units. This follows large increases over the last three months, which we believe has artificially buoyed the year-to-date figure. For now, we maintain our forecast for a 10% increase in 2013. Despite this sharp increase, BMI maintains a bearish outlook on vehicle sales growth in the country, predicated on persistently high inflation and unemployment levels depressing consumer sentiment. Currency effects have played a large part in this strong year-to-date growth; we believe that such effects may prove to be unsustainable over the year, however, …
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