Romania's leasing market shrinks 2% in 2008

The local leasing market dropped 2.6 percent last year versus the previous to 4.817 billion euros following a negative impact of the car emission tax and the difficult economic context in the last part of 2008, data published by the Leasing Companies Association (ALB) show, NewsIn informs.

The nine-month results last year showed a 29.7 percent year-on-year hike to 4.296 billion euros, but in the last quarter the leasing market plunged 60 percent versus the third one, from 1.336 billion euros to 537.4 million euros.

The leasing market amounted to 4.94 billion euros in 2007, 51.6 percent higher compared to 2006.
Companies' core business, the car leasing segment, inched only 1 percent last year to 3.384 billion euros, from 3.36 billion euros in 2007, while the equipment leasing sector dropped 4 percent year-on-year, from 1.126 billion euros to 1.082 billion euros.

The real estate leasing market was strongly affected starting with July 2008 according to ALB, and recorded the biggest decline losing 24 percent to 351 million euros, from 461.38 million euros in 2007.

The local market is scarred by frauds since the leasing frauds phenomenon spread last year as competitiveness among players became harsher and damages are estimated between several tens of million euros and 100 million euros, the general secretary of ALB, Adriana Ahciarliu, said last month.

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