Venezuela Retail August 2016


Venezuela: Car sales continue to plunge in August

September 12, 2016

Car sales recorded a sharp 83.4% contraction over the same month last year and totaled 194 units in August, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). August’s reading represented a slightly softer contraction than the 86.7% drop recorded in the previous month.

In the 12 months up to August, car sales reached just 7,699 units, which is the lowest print on record. August’s result represented a sharp 69.6% decline over the same period last year and the biggest contraction in 18 months (July: -66.5% year-on-year). Car sales currently total just a small fraction of the peak of 491,899 units recorded in calendar year 2007.

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 11.1% in 2016, which is down 0.4 percentage points from the previous month’s estimate. In 2017, the panel sees private consumption contracting 4.2%.

Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail Chart

Venezuela Retail August 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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