Venezuela Retail April 2017

Venezuela

Venezuela: Car sales decline in April

May 9, 2017

Car sales dropped 19.7% year-on-year in April. Sales remain minimal, with only 224 units shifted in the same month, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). With the government limiting imports and consumers’ purchasing power having fallen off a cliff, car sales have rapidly declined in recent years, meaning small variations in absolute numbers lead to large percentage changes. Aprils’ reading was in contrast to the 35.0% expansion recorded in March, which marked the first expansion since June 2015.

In the 12 months to April, car sales reached just 4,675 units, down 61.9% 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 5.3% in 2017, which is up 0.4 percentage points from the previous month’s estimate. In 2018, the panel sees private consumption contracting 1.3%.


Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail April 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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