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.