New car sales slump in Spain as the economic slow-down bites

Spain Business
New car sales slump in Spain as the economic slow-down bites
By h.b. - Jun 2, 2008 - 5:45 PM

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Sales of new cars in May were down 24 percent compared to a year ago, and the high prices of diesel resulted in a ten per cent reduction in consumption.

More signs of the economic crisis in Spain today with the revelation that new car sales in the country in the month of May this year are down 24.3% compared to last.

In addition the amount of diesel used over the month is ten percent down on the year, the first fall for six months and an indication that drivers are economising as diesel reaches record high prices at the pumps.

The number of cars and four wheel drive vehicles registered over the month of May this year was 116,108, compared to 153,396 last year, according to the car manufacturers association ANFAC and vendors GANVAM.

For the first five months of the year as a whole sales are 14.3% down on last year at 587,407, a reduction of nearly 100,000.