Venezuela Retail May 2016


Car sales plummet in May

Car sales recorded a massive 83.5% contraction over the same month of the previous year and totaled 253 units in May, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). May’s reading came in marginally above the 83.9% contraction tallied in April.

In the 12 months up to May, car sales reached just 11,566 units, which is the lowest print on record. May’s result represented a sharp 54.1% decline over the same period last year and the biggest contraction in one year. Car sales currently total just a small fraction of the peak of 491,899 units recorded in calendar year 2007. Extreme supply shortages due to government restrictions on both assembly plants and importers have severely hampered sales of vehicles in recent years.

Given the limited availability of timely data for the real sector, analysts often use car sales as a proxy for private consumption. Panelists participating in the LatinFocus Consensus Forecast expect private consumption to decline 9.9% in 2016, which is down 0.9 percentage points from the previous month’s estimate. In 2017, the panel sees private consumption contracting 3.0%.

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Venezuela Retail Chart

Venezuela Retail May 2016 0

Note: Year-on-year variation and 12-month sum of domestic car sales in thousand units.
Source: Venezuelan Automobile Chamber (CAVENEZ).

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