In October, vehicle registrations in Iceland fell by 20.78% with respect to October of 1998. In total, 1,090 cars were registered and 17,114 new cars were sold in the last twelve months, 18.96% more than the year before.
The breakdown of car sales figures for the month of October is:
- Commercial vehicles sold: 167, 17.61% more than in October of 1998.
- Passenger cars regitrations: 923, which represents a figure of 25.2% less than in October of 1998.
Iceland is one of the countries where the least number of cars have been registered in the last year, in ranking of 22 countries based on number of vehicle registrations.
A very useful variable for estimating the level of economic wealth enjoyed by Icelanders 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 62.07 cars per 1,000 residents, 3.95 of them in the last month, Iceland, occupies third place, so, compared to the other countries in the ranking, its population has a good standard of living.
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 Iceland. You can see car registrations in other countries in en vehicle registrations and see all the economic information about Iceland in en Icelandic economy.