Spain’s April car sales drop 45.6 percent: trade data

4th May 2009, Comments 0 comments

New car sales continue to plummet for the 12th consecutive month.

MADRID – New car registrations in Spain fell 45.6 percent in April from the same time last year, the 12th straight monthly decline and the sharpest drop ever recorded for that month, industry data showed Monday.

A total of 67,215 vehicles were registered during the month, down from 123,561 during the year earlier, Spanish car manufacturers' association ANFAC said.

During the first four months of the year new car registrations in Spain were down by 43.7 percent to 471,299 units when compared to the same period in 2008.

Spain is the only one of Europe's five main auto markets that has not offered state incentives to encourage car sales, the association said.

The Spanish economy, Europe's fifth-largest, entered into its first recession in 15 years at the end of 2008 as the outbreak of the global financial crisis hastened a correction that was already underway in its key real estate sector.

Spain's unemployment rate has nearly doubled over the past year to reach 17.4 percent in the first quarter, the highest level in the 27-nation European Union and double that of the United States.

The country's gross domestic product (GDP) plunged by 2.9 percent in the first quarter of 2009 compared to the same period last year, the Bank of Spain estimated last week in its latest economic bulletin.

AFP / Expatica

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