Venezuela Retail June 2016

Venezuela

Venezuela: Car sales plummet in June

July 14, 2016

Car sales recorded a massive 87.1% contraction over the same month of the previous year and totaled 243 units in June, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). June’s reading represented a sharper contraction than the 83.5% drop recorded in the previous month.

In the 12 months up to June, car sales reached just 9,925 units, which is the lowest print on record. June’s result represented a sharp 61.8% decline over the same period last year and the biggest contraction in over one year (May: -54.1% 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 10.5% in 2016, which is down 0.6 percentage points from the previous month’s estimate. In 2017, the panel sees private consumption contracting 3.1%.


Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail June 2016

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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