In January, vehicle registrations in Iceland fell by 34.44% with respect to January of 2001. In total, 495 cars were registered and 8,138 new cars were sold in the last twelve months, 46.08% less than the year before.
The breakdown of car sales figures for the month of January is:
- Commercial vehicles sold: 72, 35.71% less than in January of 2001.
- Passenger cars regitrations: 423, which represents a figure of 34.21% less than in January of 2001.
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 28.4 cars per 1,000 residents, 1.73 of them in the last month, Iceland, occupies one of the final places in the ranking, meaning that its population is among those in the table with the least spending power.
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.