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Ukraine's auto production drops 10-fold since start of crisis

Xinhua, January 19, 2017 Adjust font size:

Automotive industry became one of the worst hit sectors by the crisis in Ukraine, suffering a ten-fold decline since the beginning of the turmoil, an industry data showed on Wednesday.

In 2016, Ukraine's carmakers produced only 5,264 vehicles compared with 50,449 units in 2013, before the crisis started, Ukravtoprom association of vehicle manufacturers said in a report.

The vehicle production in Ukraine dropped by 36.5 percent last year from 2015 despite the start of the overall economic recovery in the country, the report said.

Local analysts believed the decline occurred because the business activity in Ukraine was still slow in 2016. It is illustrated by the 65 percent plunge in the commercial vehicle production and 64 percent decline in the buses output in 2016 compared to the previous year.

The reduction of the excise duty on imported cars, which was introduced in late 2015, has also affected the domestic car production. The excise duty dropped by 23.2 percent last year. Endit