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New Car Registrations Plunge 23% in January

car registrationsThe number of car registrations plunged by 23 percent to 2,505 vehicles in January compared to the same month last year, said the Cyprus Statistical Service (CYSTAT).

Registrations of private saloon cars fell by 22,2% to 1.942 from 2.497 in January 2011, said CYSTAT.

The economic crisis is hitting consumers' pockets and spending power as the latest car registration and GDP growth figures clearly show. GDP grew by 0 percent in the last quarter of 2011, according to a flash estimate by CYSTAT, while the number of unemployed rose to an estimated 37,000 persons in January 2012.

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