Venezuela: Car sales rebound strongly in April
May 7, 2013
In April, car sales jumped 28.8% over the same month last year to reach 12,764 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading marks the first positive reading in five months and contrasts the 21.0% contraction tallied in March.
Building on the monthly figure, car sales added 125,804 units in the 12 months up to April, which is down 2.1% from the level observed in the same period last year (March: -4.0% year-on-year). Accordingly, car sales remain well below the peak of 491,899 units recorded in the full year 2007. Car sales have been subdued since 2007 due to severe supply shortages following government restrictions on assembly plants and importers.
Given the limited availability of timely data on the real sector, analysts use car sales as a proxy for private consumption. LatinFocus Consensus Forecast panellists expect private consumption to increase 0.1% this year, which is down 0.5 percentage points over the previous month's estimate. Next year the panel sees private consumption growth at 2.2%.