Venezuela Retail

Venezuela

Venezuela: Car sales deteriorate in July

August 10, 2015

Annual car sales fell 8.8% over the same month last year and totaled 1,446 units in July, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading notably contrasted June’s 73.0% expansion.

In the 12 months up to July, car sales reached 26,304 units, which was 38.4% lower than the same month of last year (June: -46.9% 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 4.8% in 2015, which is down 0.1 percentage points from the previous month’s estimate. In 2016, the panel sees private consumption expanding 0.7%.


Author: Angela Bouzanis, Senior Economist

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