Venezuela Retail July 2016


Venezuela: Car sales plummet in July

August 24, 2016

Car sales recorded a sharp 86.7% contraction over the same month of the previous year and totaled 193 units in July, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). July’s reading represented a softer contraction than the 87.1% drop recorded in the previous month.

In the 12 months up to July, car sales reached just 8,672 units, which is the lowest print on record. July’s result represented a sharp 66.5% decline over the same period last year and the biggest contraction in over one year (June: -61.8% year-on-year). Car sales currently total just a small fraction of the peak of 491,899 units recorded in calendar year 2007.

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 10.7% in 2016, which is down 0.2 percentage points from the previous month’s estimate. In 2017, the panel sees private consumption contracting 4.1%.

Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail Chart

Venezuela Retail July 2016 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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