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Auto Industry's Weakness Is Dragging Down Global Economic Growth

28 May 2019 16:51 | Divjot S. Mehton (Administrator)

A decline in global car sales likely reduced world gross domestic product by 0.2% last year, and a flat auto market will continue to dampen global manufacturing indicators in 2019, according to a report by Fitch Ratings on Tuesday.

Demand for autos declined in 2018 for the first time since 2009 and while the 0.1% drop was modest, it compared to an average annual increase of 4.1% in prior years. Softness in the car industry ripples across the economy more than some other sectors because of the wide array of industries 

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