TALLINN - According to BMI's latest Estonia Automotives Report, the Estonian automotive market has been badly hit by the international financial crisis and the country's economic recession, with sales down 24.8 percent in 2008 and a further 32.4 percent fall forecast for 2009. In fact, the survey showed that growth was reliant on strong wage increases and rising consumer credit, with around 80 percent of new car purchases made through loans, and a sharp decrease in wage levels and contraction in credit availability knocked Estonian buyers off their foundations. Estonia is facing it...
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