The Ministry of Industry and Commerce expects 7% growth in Russian automobile industry in 2017

The Ministry of Industry and Commerce expects 7% growth in Russian automobile industry in 2017

RNS – The Ministry of Industry and Commerce forecasts 7% growth in Russian car production, as told by the minister of industry of commerce Denis Manturov to journalists on the sidelines of the Innoprom Exhibition in Ekaterinburg.

“The car market is growing seriously, along with the government support which subsidises the industry. However, we are acting upon the forecasts indicated in the beginning of the year, due to the certain seasonality in the industry” – said Manturov, noting that a 7% growth is expected in car production in 2017.

The Russian automobile market is on the rise since March 2017. Until that time, the sales had been on the decline month after month since December 2014, apart from a negligible growth in November 2016. Car and LCV sales have risen by 6.9% during the first half of the year to 718,500 units, as stated by the Association of European Business.

The Ministry of Industry and Commerce had predicted 8.4% growth for car industry in March 2017.