Fitch expects worldwide car sales to total 77.5 million in 2019.ĭeclining demand from China, which is the world’s largest auto market and where sales have fallen 11% this year so far, is the main driver behind the drop. That would be the biggest decline since 2008, when the financial crisis hit, and the second year in a row that sales have fallen. With only a month left in the year, global auto sales are on track for a 3.1 million drop, about 4%, for the year, according to Fitch. “The downturn in the global car market since the middle of 2018 has been a key force behind the slump in global manufacturing, and the car sales picture is turning out a lot worse than we expected,” said Brian Coulton, chief economist at ratings agency Fitch. Weak auto sales across the board have added to the sector’s plight. Globally, things didn’t look much better. A recovery could be around the corner–but only if conditions are right.Īmerica’s manufacturing sector got clobbered in 2019 as the effects of the US-China trade war took their toll. Global manufacturing has been a drag on the world economy all year.
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