In May, vehicle registrations in Cyprus grew by 7.1% with respect to May of 2016. In total, 15,002 cars were registered and 15,002 new cars were sold in the last twelve months, 7.1% more than the year before.
The breakdown of car sales figures for the month of May is:
- Commercial vehicles sold: 2,197, 32.03% more than in May of 2016.
- Passenger cars regitrations: 1,171, which represents a figure of 9.71% less than in May of 2016.
Cyprus is one of the countries where the least number of cars have been registered in the last year, in ranking of 36 countries based on number of vehicle registrations.
A very useful variable for estimating the level of economic wealth enjoyed by Cypriots residents, when compared to the other countries in the ranking, is the number of vehicles sold or registered per thousand residents in the last year. With annual sales of 17.69 cars per 1,000 residents, 17.69 of them in the last month, Cyprus, occupies 25th place in the ranking.
As can be seen, the number of registrations per thousand residents has fallen in the last year. A drop in registrations generally indicates a fall in consumer confidence and, when it is sustained, a recession in the real economy .
Here we show you the progression of vehicle registrations in Cyprus. You can see car registrations in other countries in en vehicle registrations and see all the economic information about Cyprus in en Cypriot economy.