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Motor Vehicle Sales Fall Sharply In 2011

For the fourth year in a row, automobile sales continue their downward spiral in Greece. According to the Hellenic Statistical Authority (ELSTAT), vehicles sales in 2011 fell by 31.3%.
Car sales showed a general 30% decline in 2011, despite new benefits for withdrawing older cars from circulation and attractive prices that boosted the December sales by 27.4%.
According to the ELSTAT report, 126,372 vehicles were newly registered in Greece from January to December 2011, which amounts to a 31.3% decline as compared to the same period in 2010.
The January-December 2011 period recorded a 22.7% decline in motorcycle registrations as well.
The decline in the car market is most likely the result of value added taxes on vehicle sales and car registration fees.

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