European car sales hit 20-year low for May

Tuesday, June 18th, 2013 | Finance News

MILAN (AP) — European car sales have hit their lowest level for the month of May in 20 years as the continent's recession continues to deepen.

The European automaker's association said Tuesday that passenger car sale demand dropped by 5.9 percent in the European Union to 1.042 million units. That was lowest level since May 1993 when sales dropped below 1 million.

For the first five months of the year, sales dropped 6.8 percent to 5.07 million.

Sales in Europe's strongest economy, Germany, dropped a worrying 9.9 percent in May. They were down 8 percent in crisis-hit Italy and 2.6 percent in Spain. Britain was the only country to post growth, up 11 percent.

The auto industry has been victim of the region's deepening recession and rising unemployment.