Venezuela Retail

Venezuela

Venezuela: Car sales rebound in June

July 8, 2015

Annual car sales rose 73.0% over the same month last year and totaled 1,884 units in June, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading contrasted May’s 41.7% contraction.

In the 12 months up to June, car sales reached 26,443 units, which was 46.9% lower than the same month of last year (May: -54.6% 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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Venezuela Retail Chart


Venezuela Retail June 2015

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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