By Euro Weekly News Media • 29 January 2017 • 13:00
Image: © Kike Fernandez - Shutterstock
WHILST there is every reason to be pleased with results of car manufacture in Spain in 2016 which is up 5.6 per cent over the previous year, the manufacturers association ANFAC warns that Brexit may depress future results.
With just under 2.9 million vehicles produced together with 1.9 million engines and 1.73 million gear boxes, the situation was very good for the car industry which contributes a significant amount to the Spanish economy as more than 80 per cent of its production is exported.
Brexit fears however have already hurt the sector in the latter part of the year as the fall in the value of the pound has increased sales prices in the UK and if Britain takes a protectionist stance following Brexit, then it may become more difficult and more expensive for the Spanish industry to remain in that market.
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