Venezuela Retail

Venezuela

Venezuela: Car sales return to contraction in January

February 11, 2015

Annual car sales fell 5.4% over the same month the previous year and totaling 683 units in January, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading largely contrasted the 78.2% rise recorded in December. December’s increase broke a streak of 19 consecutive months of contractions.

In the 12 months up to January, car sales reached just 23,668 units, which was 74.8% lower compared to the same month of last year (December: -76.0%). 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: Angela Bouzanis, Senior Economist

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Venezuela Retail Chart


Venezuela Retail January 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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