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New vehicle sales up 5 percent in 4Q20, according to BBVA Research Auto Sales Chartbook
- Retail auto sales are expected to continue recovering.
- Sales declined 14.7 percent for 2020, the lowest since 2012.
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HOUSTON, Feb. 3, 2021 /PRNewswire/ BBVA Research published its January auto sales chartbook, noting vehicle sales went up 5 percent in the fourth quarter of 2020. Sales for the year declined 14.7 percent to 14.5 million units, the lowest since 2012.
According to the report, demand has been supported by fiscal stimulus, low interest rates, and increasing preferences for car ownership. The pandemic has disrupted new vehicle production, tightening supply and allowing manufacturers to reduce incentives and increase profits. As a result, resilient demand and tighter supply has significantly boosted prices in both the used and new-vehicle segments.
BBVA Research economic analysis indicates stronger growth after 4Q20 slowdown
- PCE increased 2.5 percent: Personal consumption expenditures rose by 2.5 percent but contracted in November and December.
- Increased uncertainty: Uncertainty around the economic outlook has increased significantly.
- GDP growth: GDP growth in 2021 could reach its highest rate in nearly 40 years.
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HOUSTON, Feb. 2, 2021 /PRNewswire/ In an economic analysis published by
BBVA Research, the team s lead economists report that the economy continued to expand in the fourth quarter of 2020, though at a much slower pace. According to the analysis, this pace reflected both solid ongoing momentum and the negative consequences of lower fiscal support and rising COVID-19 cases.