If you think that the global economy is on its way to recovery, think again. Cumulative car sales in the European Union (EU) from January to November 2012 have fallen to a 19-year low. It dropped 7.2 percent to 11.7 million units, the lowest figure since 1993.

The decline was propelled by a 10 percent plunge in November. The European Automobile Manufacturers' Association expects a full-year market contraction to about 12 million cars, the fewest cars sold in Europe since 1995.

Below are the November statistics of some of the affected car makers:

Brand

Renault: -27.4 percent

PSA Peugeot Citroen: -16 percent

GM (Opel, Vauxhall, Chevrolet): -13 percent

Ford: -10.2 percent

VW: -2.5 percent

However, BMW and Mercedes managed to buck the market trend and recorded sales growth of 0.4 percent and 1.5 percent for November respectively. Perhaps, workers in Fiat and Peugeot should start looking for job opportunities with the two German car makers as their companies have announced plans to cut 1,500 jobs each.