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UPDATE 1-Russian car sales down 38 pct y/y in May - AEB
June 8, 2015 / 6:53 PM / 2 years ago

UPDATE 1-Russian car sales down 38 pct y/y in May - AEB

(Adds details and official’s comments)

MOSCOW, June 8 (Reuters) - New car sales in Russia fell 37.7 percent year-on-year in May, the Association of European Businesses (AEB) lobby group said on Wednesday, after a 41.5 percent drop in April.

After years of growth in excess of 10 percent, car sales in Russia shrank in 2014 as the economy weakened due to lower oil prices and Western sanctions over Moscow’s role in the Ukraine crisis.

Moscow estimated in April the car market would shrink by at least a quarter in 2015 despite government stimulus measures.

Russian Trade Minister Denis Manturov was quoted as saying by Interfax news agency on Monday that in July Moscow could earmark 10 billion roubles ($178 mln) to support demand in the second half of the year.

$1 = 56.2650 roubles Writing by Gabriela Baczynska; Editing by Alexander Winning

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