New car sales in Greece declined again in October to 5,023 vehicles – down 35.7 percent from 7,807 in October 2010. It is the lowest month since 1985, The Association of Motor Vehicle Importers on Monday said .
Since the beginning of the year, 84,254 new passenger cars have been registered, 35.7 percent less than in the same period of 2010 (131,038 registrations).
Looking at October alone, the drop in registrations figures is an identical 35.7%, but in absolute numbers the registrations in 2011 were 5,023 (7,807 in 2010).
In October, Greek manufacturing had one of its sharpest declines ever, and this year overall production is expected to contract by more than 6 percent.
In addition, Greece’s Purchasing Managers’ Index (PMI) fell to 40.5 points in October, from 43.2 in September, recording the fourth largest decline, while Reuters reports that Greece’s jobless rate rose to 16.5 percent in July, its second-highest level on record, driven by EU/IMF-imposed austerity measures.
Greece has been surviving since May 2010 on a first euro110 billion ($152 billion) bailout.
However, its financial crisis was so severe that a second rescue was needed as the country remained locked out of international bond markets by sky-high interest rates and facing an unsustainable national debt increase.