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Tuesday 20th March 2018

Turkey's Auto Sales Fall 35 % Year-on-Year in 2018

Business

7Dnews London

Sun, 06 Jan 2019 10:46 GMT

Turkey's car and light commercial vehicle sales fell by 35 % in 2018, according to the Automotive Distributors' Association (ODD).

A total of 620,937 automobiles and light commercial vehicles were sold last year, down from 956,194 in 2017, the association said in a statement. Cars constituted the majority of last year's sales, with 486,321 automobiles sold, down 33% from a year earlier.   

Light commercial vehicle sales also dropped by 42.3 % on a yearly basis to reach a total of 134,616 in 2018.

The lowered figures come in light of an ongoing economic and financial crisis characterised by a depreciating Turkish lira. In May 2018, Moody's investors' service lowered its estimate for the growth of the Turkish economy in 2018 from 4% to 2.5%, and predicts lower growth in 2019 from 3.5% to 2%.

As reported by Bloomberg, Turkey's currency has shed more than 3.5% of its value against the dollar in the first three days of 2019. Not only is that the most in the world, it's also almost twice as much as the runner up, the Swedish krona.


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