New figures released yesterday (14th January) suggest that sales of new cars in Europe declined by eight per cent over the course of 2008, Reuters reports.

German auto industry association VDA conducted a study which found that 14.7 million units were sold, with 13.6 million of the total coming from the western section of the continent.

The statistics also reveal that consumer confidence was particularly affected in the second half, with a 15 per cent decline in western Europe, compared to a first-half drop of three per cent.

The body was quoted by the news provider as commenting: "The situation has worsened dramatically in the second half."

Nevertheless, German automakers increased their market share in western Europe by 0.5 per cent to 47 per cent, while their share in the new EU eastern member states remained at 44 per cent.

VDA also revealed that sales of new cars in the latest additions to the EU - Poland, Czech Republic, Romania and Hungary - fell by around one per cent to 1.2 million units in 2008.

Source:

UPDATE 1-European car sales down 8 pct in 2008- VDA (14/01/09)
http://uk.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUKLE67691520090114