Venezuela Retail May 2017

Venezuela

Venezuela: Car sales remain minimal in May despite increase

June 8, 2017

Car sales rose 10.3% year-on-year in May but sales remain minimal, with only 279 units shifted in that month, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). With the government limiting imports and consumer purchasing power having fallen off a cliff, car sales have rapidly declined in recent years, meaning small variations in absolute numbers lead to large percentage changes. May’s reading was in contrast to the 19.7% decline recorded in April.

In the 12 months to May, car sales reached just 4,701 units, down 57.2% year-on-year.

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 5.8% in 2017, which is up 0.1 percentage points from the previous month’s estimate. In 2018, the panel sees private consumption contracting 1.0%.


Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail May 2017 1

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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