FX.co ★ Global car sales to expand in 2017

According to the German Association of the Automotive Industry (VDA), a total of 83.6 million new cars will be sold worldwide in 2017, up 2% from 2016.

VDA president Matthias Wissmann said that the main factor for car production growth is increased demand from China. The Chinese car market grew by 15% year-on-year in 2016. The VDA expects to it grow by a further 5% to 24.2 million in 2017.

The German market is seen to grow by 5% in 2016 to 3.4 million vehicles. In case the forecast comes true, German car sales will post the highest growth in about six years.