ECONOMY

Major decline in sales of new cars last month

Thousands of cars remain unsold as the number of new car registrations last month declined by 54.4 percent from May 2009, Hellenic Statistical Authority data showed yesterday. In the first five months of this year, there were 8.7 percent fewer car registrations compared with the same period in 2009, when there had been a yearly reduction of 32.9 percent over January-May 2008. The Association of Motor Vehicle Importers-Representatives adds that the drop in sales has brought turnover down by 60 percent annually.