Venezuela Retail March 2017

Venezuela

Venezuela: Car sales rise in March

April 10, 2017

Car sales increased 35.0% year-on-year in March, putting a stop to almost two years of hefty monthly declines. However, sales remain minimal, with only 293 units shifted in March, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). With the government limiting imports and consumers’ 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. March’s reading was in contrast to the 33.8% contraction recorded in February.

In the 12 months to March, car sales reached just 5,748 units, down 54.7% 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 5.3% in 2017, which is up 0.4 percentage points from the previous month’s estimate. In 2018, the panel sees private consumption contracting 1.3%.


Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail March 2017

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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