Venezuela Retail

Venezuela

Venezuela: Car sales deteriorate in August

September 11, 2015

Annual car sales fell 30.6% over the same month last year and totaled 1,167 units in August, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading was a deterioration from July’s 8.8% contraction.

In the 12 months up to August, car sales reached 25,790 units, which was 28.5% lower than the same month of last year (July: -38.4% year-on-year). Car sales currently total just a fraction of the peak of 491,899 units recorded in calendar year 2007. Extreme supply shortages due to government restrictions on both assembly plants and importers have severely hampered sales of vehicles in recent years.

Given the limited availability of timely data for the real sector, analysts often use car sales as a proxy for private consumption. LatinFocus Consensus Forecast panelists expect private consumption to decline 5.8% in 2015, which is down 0.6 percentage points from the previous month’s estimate. In 2016, the panel sees private consumption falling 2.5%.


Author: Angela Bouzanis, Senior Economist

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Venezuela Retail August 2015 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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