Venezuela Retail


Venezuela: Car sales return to expansion in February

March 9, 2015

Annual car sales rose 59.6% over the same month last year and totaling 1,304 units in February, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading largely contrasted the 5.4% fall recorded in January.

In the 12 months up to February, car sales reached just 24,155 units, which was 72.2% lower than the same month of last year (January: -74.8% 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 3.9% in 2015, which is unchanged from the previous month’s estimate. In 2016 the panel sees private consumption expanding 1.9%.

Author: Angela Bouzanis, Senior Economist

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Venezuela Retail Chart

Venezuela Retail February 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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