Figures reveal the upward path of the car market

In a challenging economic period, the car industry is working its way to success. The motor trade has seen an impressive 25.3% increase in the first nine months of this year.

According to fresh data from the National Statistical Institute (NSI), the spectacular figures were the main driver behind the 14.1% overall increase in turnover in wholesale and retail trade, maintenance and repair of motor vehicles and motorcycles. With this notable advance, the automotive market is becoming a major player in today's economy.

While car sales have seen a remarkable jump, related segments have also felt the growth wave. Trade in motor vehicle parts and accessories grew modestly by 1.1%, confirming the positive impact on the whole production chain.

However, a more detailed analysis reveals a less optimistic trend for motorcycles. Trade in motorcycles, parts and accessories fell by 9.2%, a sign that the market for these vehicles is experiencing a more difficult period.

Against the background of these developments, the adjusted figures show a significant increase of 16.2% in the period January-September 2023 compared to the same period of the previous year. This result indicates the resilience and adaptability of the automotive industry in the face of global economic challenges.

In parallel, the household market services sector also recorded notable gains. Significant growth was recorded in washing and cleaning of textiles and fur products, with an impressive 40% increase. Hotels and restaurants also contributed to this rise, with an increase of 10.3%.

However, not all sectors experienced equally robust growth. Gambling and similar activities saw a decline of 1.5%, highlighting changes in people's leisure preferences.

Compared to the same period last year, total turnover in wholesale and retail trade, maintenance and repair of motor vehicles and motorcycles increased by 9.7%, with the automotive sector standing out with a 21.5% increase.

In conclusion, the car market has become a stable pillar in the economy, demonstrating that the passion for cars and the constant need for mobility remain unaffected by economic turbulence.