Venezuela Retail

Venezuela

Venezuela: Car sales rebound strongly in December

January 13, 2015

Annual car sales jumped 78.2% over the same month the previous year and reached 5,274 units in December, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading largely contrasted the 52.8% drop recorded in November and represented the fastest expansion since September 2006. Moreover, December’s increase broke a streak of 19 consecutive months of contractions.

In the full year 2014, car sales reached just 23,707 units, which was 76.0% lower compared to the previous year (2013: 98,878 units) and marked the lowest number of units sold since records began in 1997. 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 3.6% in 2015, which is down 0.3 percentage points from the previous month’s estimate. In 2016 the panel sees private consumption expanding 1.5%.


Author: Ricard Torné, Head of Economic Research

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Venezuela Retail Chart


Venezuela Retail December 2014 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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