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In the first seven months of 2013, passenger car sales in Italy declined 9.2% y-o-y, to 829,481 units. BMI forecasts a decline of 10.0% in the market over the full year. BMI believes that private consumption will continue to contract in 2013, although likely at a slower pace from the sharp declines witnessed in 2012, as Italian households are hit by ongoing austerity measures, including higher taxes and cuts in social spending. Unemployment remains elevated, and real wage growth is fairly tepid. This outlook has partly informed our 2013 passenger car forecast. In 2013, we expect light commercial vehicle sales in Italy to decline 14.5%, and heavy truck sales to decrease 16%. We expect business and manufacturing activity in the country, key drivers of growth in the commercial vehicle segment, ...
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