Skip to comments.EU: French economy buckles as car sales collapse
Posted on 12/03/2012 5:24:29 PM PST by bruinbirdman
Frances industrial woes deepened last month as car sales crashed 19pc and French brands lost market share at an dramatic pace, raising fears of a serious economic crisis next year once austerity hits.
Markits purchasing managers index (PMI) for French manufacturing remained stuck in slump in November at 44.5 and is now the weakest in the eurozone after Greece.
"The figures are shocking," said sovereign debt strategist Nicholas Spiro. "France has been sailing dangerously close to the wind for some time but is now tipping into outright contraction."
The Committee of French Automobile Producers said this has been the worst year for French car industry since 1997 - and for almost half a century in total volume - with little chance of recovery next year as Paris pushes through scorched-earth fiscal tightening of 2pc of GDP to meet EU deficit targets.
Sales of French cars fell 28pc in November from a year earlier, with Citroen down 26pc and state-owned Renault down 33pc. Foreign brands fell just 7.9pc. "The middle class, which tends to buy standard French cars of between 10,000 and 20,000, has been particularly badly hit by the crisis," said the CFFA.
The severity of decline stunned analysts and suggests that France has at last been engulfed by the festering crisis across the Mediterranean region.
The country has been bouncing along at near zero growth for a year and half but has managed to keep out of technical recession, partly because it has been cocooned by a Leviathan state and has put off hard decisions.
The economy seems to have buckled abruptly over the Autumn, sheding more than 40,000 jobs a month. Unemployment has risen to a euro-era high of 10.7pc.
The French car industry is still a pillar of the economy, employing 400,000 workers,
(Excerpt) Read more at telegraph.co.uk ...
I haven’t seen a report about car-b-ques for months, perhaps this is why sales are down? Another summer of discontent will get those sales back up there in a flash.
did the Muslims stop buring them?
Did the Muslims stop burning them? I thought hundreds each night were burned for months on end.
If only Hurricane Sandy made a right turn instead of a left turn, the Frenchies would be as happy as Obama visiting Lenin’s Tomb.
It had some kind of central hydraulic pump system for the suspension, brakes, power steering, and auto trans.
It was really an advanced concept but not reliable and plagued with leaks.
It was funny, the guy was an old farmer, and also a driving instructor at the high school, practical as hell in everything else he did, but loved those Citroens. They had a deal where you could raise one wheel up to change a tire without using a jack. He loved to demonstrate that feature.
That old guy taught me a lot about tractors and machinery. I hope they gave him a Citroen to work on in heaven.
you could actually drive on three wheels if you had a flat too
the SM would do 130mph no problem
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