Venezuela: Car sales show no signs of improvement in September
October 7, 2013
In September, car sales fell 20.2% over the same month last year, reaching 7,649 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading follows a substantial 24.8% drop in August and marks the ninth drop in the last 10 months.
In the 12 months up to September, car sales reached 113,185 units, which is down 13.4% from the level observed in the same period last year (August: -12.8% year-on-year) and marks the lowest level since November 2010. Car sales remain at less than one fifth of the peak of 491,899 units recorded in the full year 2007. Extreme supply shortages following 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 inch down 0.1% this year, which is unchanged from the previous month's estimate. Next year the panel sees private consumption growth at 2.2%, which is also unchanged over the previous month's estimate.