ECONOMY

Car permits slow down

Car sales in Greece last year were far below market expectations, as the state?s incentive of offering buyers discounts on new vehicles in return for scrapping their old ones failed to convince enough people at a time when incomes are constantly shrinking.

Data compiled by the Hellenic Statistical Authority showed that there was a 31.3 percent decline in new car permits issued last year, amounting to just 126,372, of which 21,877 were for used vehicles imported for the first time. This figure has taken the market to levels unseen since the late 1980s.

Still, December 2011 saw a 45.6 percent surge in car sales compared to the same month in 2010, before the announcement for the extension of the old-car scrapping incentive until the end of 2012 was made.