New cars on the road rise by 16.6 pct

The rise in the number of new cars on Greece’s roads continued for a second straight month in February, confirming the market’s forecast based on orders made since January.

Hellenic Statistical Authority (ELSTAT) data showed on Friday that 6,644 cars came onto the country’s roads for the first time (i.e. new or previously used abroad), against 5,699 cars a year earlier, constituting an increase of 16.6 percent. In January the year-on-year increase had amounted to 18 percent. The total yearly increase in the first couple of months reached 17.4 percent.

The general trend toward a rebound in the market recorded since last summer has created some reserved optimism given that it has stopped the wave of shutdowns among car dealers. However, sector professionals say that for the market to recover the losses incurred since 2009, it will need to post a 100 percent increase in sales every month.