Venezuela: Car sales continue to rise in May
June 13, 2012
In May, car sales totalled 11,733 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading represented a 14.7% expansion compared to the 10,228 units reported in May 2011 and also overshot the 9,908 units sold in April. As a result of the monthly figure, car sales reached 130,052 units in the twelve months up to May, which was up 6.8% from the level observed in the same period last year. The reading, however, remains well below the peak of 491,899 units recorded in the full year 2007. Car sales have been falling continuously since 2007 due to severe supply shortages amid government restrictions on assembly plants and importers. Given the limited availability of timely data on the real sector, analysts use car sales as a proxy for private consumption. According to the 2012 budget plan, the government forecasts that GDP will grow 5.0% in 2012.