Boston, MA -- (SBWIRE) -- 04/10/2014 -- In 2014, BMI forecasts a 4.0% increase in vehicle sales, on the back of an expected 3.0% uptick in the passenger car segment and 19.9% jump in commercial vehicle (CV) sales.

Passenger car sales in Greece increased 15.4% year-on-year (y-o-y) in January, to 6,385 units. BMI attributes this to low base effects and pent-up demand in the market following years of sustained declines. We expect these dynamics to continue over the coming year, although the country's weak consumer story may weigh on the sector later in the year as these dynamics lose momentum somewhat. This has informed our bullish forecast for 3% growth in 2014.

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Unemployment remains high, consumer sentiment is weak, and retail sales continue to fall. We expect these dynamics to continue over the year as the economic malaise, combined with austerity measures and political uncertainty, continues. These dynamics weighed on passenger car sales for much of 2013, but the segment rebounded somewhat in the final months of the year on the back of pent-up demand in the market and low base effects. BMI expects these dynamics to continue to buoy the market over the course of 2014, despite the generally bearish macro picture.

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