In July, vehicle registrations in Iceland fell by 61.54% with respect to July of 2007. In total, 693 cars were registered and 16,372 new cars were sold in the last twelve months, 8.43% less than the year before.
The breakdown of car sales figures for the month of July is:
- Commercial vehicles sold: 115, 63.61% less than in July of 2007.
- Passenger cars regitrations: 578, which represents a figure of 61.1% less than in July of 2007.
Iceland is the 85th-placed country in ranking of 135 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 51.9 cars per 1,000 residents, 2.2 of them in the last month, Iceland, occupies 6th 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.
Changes in Icelandic vehicle registration numbers are shown in the tables below. As several studies indicate, these changes are very much related to changes in GDP and, hence, to a country's economic situation. Sales have grown since 1998, as 13,528 were produced that year as have the number of registrations per thousand residents, which that year numbered 49.67.
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.