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Spain's new car sales dropped 13.2% in 2012

By SYF77 on 06 Jan 2013

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Engulfed by recession and high unemployment rate, Spain's new car sale for 2012 has plunged by 13.2%. According to Spanish car makers' association ANFAC, it was a dismal December when new car sales plunged 23% from a year ago, which led to this steep annual decline last year with little expectation of improvement in 2013.

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This is the lowest level ever recorded since data collection began in 1989. A similar situation is affecting France as well, where new car registrations hit a 15-year low in 2012.

ANFAC commented that the figures could have been worse if not for a new car subsidy scheme introduced by the government on 1 October 2012 in an attempt to offset the effect of a 3% hike in value added tax that was introduced in September 2012.

Most economists expect the Spanish unemployment rate to remain above 25% in 2013 and its economy to endure another year of recession. Spain, which is the Eurozone's fourth-largest economy, has been hit particularly hard by the collapse of the country's housing market, which forced the government to bail out the Spanish banking sector with assistance from the EU.

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SYF77
Written by SYF77
I have been a car fanatic since 1989, when my father was changing our family car then to a Toyota Corolla 1.6 GL fitted with a Twin Cam 16 valve engine that was carburetor-fed, a big deal back in those days. The automobile technology and industry fascinates me and I hope to broadcast these interesting developments to everyone out there through this blog.



 
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