Venezuela Retail January 2017


Venezuela: Car sales contract sharply in January

February 10, 2017

Car sales recorded a steep 59.4% contraction from the same month of the previous year and totaled 157 units in January, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). January’s reading represented a softer contraction than the 88.1% drop recorded in the previous month and marked the 19th consecutive contraction.

In the 12 months up to January, car sales reached just 5,782 units, a record low. January’s result represented a sharp 66.6% decline from the same period the previous month (December: -65.8% year-on-year).

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 5.1% in 2017, which is up 0.8 percentage points from the previous month’s estimate. In 2018, the panel sees private consumption contracting 1.1%.

Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail Chart

Venezuela Retail January 2017

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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