CYPRUS: Car sales slump after five years of positive growth

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Vehicle registrations for the first eight months to August declined by 7.7% year on year interrupting a five years of annual growth in sales during that same period.

According to official data published on Monday, total vehicle registrations in January -August 2019 reached 31,336 down from 33,947 in the same period last year.

Saloon cars for the first eight months declined by 9.5% to 25,450 from 28,123 in 2018.

New car registrations dipped 9.3% to 8,731 compared to 9,630 a year ago.

Used saloon car sales – the overwhelming majority of total registrations – also dropped 9.6% reaching 16,719 from 18,493 in the same January-August period of 2018.

In August alone, saloon car sales were down 11.2%, overturning a 5.7% increase in July.

For new cars in August there was a 7.4% dip to 667 sales, while used cars plummeted 12.4% to 1,967 registrations.