LIVINGSTON, N.J.--The CIT Group/Sales Financing Inc. has issued its newest industry forecast for the marine industry in the third annual "Marine Industry Outlook, 1997–99," which claims that the industry will continue to leave recent setbacks behind.

The national lending company says the marine industry is recovering from the worst slump recorded, which began in 1993. And, although power boat sales last year were below 1995 figures, they were 16. 4 percent above the 1992 level of 270,550 units.

The CIT Group predicts nearly 338,000 boats will be sold in 1999, an increase of 7.3 percent above last year's level. Total dollars in sales for 1999 are forecast to reach $6.845 billion, just below 1988's record of $7.105 billion.

"We expect slow, steady growth over the next few years," said Michael R. Paslawskyj, vice president for economic research for The CIT Group. "Considering the healthy growth rate of the economy, last year's poor sales figures surprised us. But, the indicators are now pointing toward a more favorable outlook, supported by the apparent enduring strength in the overall economy."