Car sales in July were down by 24.1% compared to the same month last year, ending ten consecutive months of growth.
Sales were 82,167 units in July, a month which traditionally experiences high sales volumes. Much of the decline is attributed to the IVA (VAT) hike and the end of the Plan 2000E. The declines in sales in the private sector was 45.7%.
Despite the July decline, sales of vehicles for the year to date are 26.8% up on last year, although predictions for the rest of the year are on the grim side due to increasing unemployment, public spending cutbacks and a negative trend in consumer spending. It is thought that the year could end with an overall 30% decline in sales.