In May, vehicle registrations in Iceland fell by 71.01% with respect to May of 2019. In total, 637 cars were registered and 9,477 new cars were sold in the last twelve months, 43.56% less than the year before.
The breakdown of car sales figures for the month of May is:
- Commercial vehicles sold: 121, 34.24% less than in May of 2019.
- Passenger cars regitrations: 516, which represents a figure of 74.37% less than in May of 2019.
Iceland is the 97th-placed country in ranking of 137 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 26.03 cars per 1,000 residents, 1.75 of them in the last month, Iceland, occupies 19th 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.
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 2010, as 2,699 were produced that year as have the number of registrations per thousand residents, which that year numbered 8.5.
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.