Vehicle sales in France continue to decline sharply in 2013 on the back of a weak macroeconomic picture. We maintain our bearish full-year sales forecasts for now. Nonetheless, we caution that risks to these forecasts remain firmly to the downside, as a further deterioration in the macroeconomic picture could serve to exacerbate the declines further. BMI believes that rising unemployment, low consumer confidence, stagnant real wage growth and the increasing likelihood of a slowdown in the housing market are all liable to keep private consumption subdued in 2013. This has partly informed our bearish outlook for passenger car sales. We …
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