In October, vehicle registrations in Latvia fell by 23.6% with respect to October of 2019. In total, 1,450 cars were registered and 17,058 new cars were sold in the last twelve months, 15.31% less than the year before.
The breakdown of car sales figures for the month of October is:
- Commercial vehicles sold: 340, 3.66% more than in October of 2019.
- Passenger cars regitrations: 1,110, which represents a figure of 29.3% less than in October of 2019.
Latvia is the 85th-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 Latvians 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 8.94 cars per 1,000 residents, 0.76 of them in the last month, Latvia, occupies 55th 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 Latvian 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 6,520 were produced that year as have the number of registrations per thousand residents, which that year numbered 3.07.
Here we show you the progression of vehicle registrations in Latvia. You can see car registrations in other countries in en vehicle registrations and see all the economic information about Latvia in en Latvian economy.