Venezuela Retail April 2016

Venezuela

Venezuela: Car sales tally another sharp contraction in April

May 6, 2016

Car sales recorded a massive 83.9% contraction over the same month of the previous year and totaled 279 units in April, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). April’s reading came in above the all-time record contraction of 94.3% tallied in March.

In the 12 months up to April, car sales reached 12,850 units, which is the lowest print on record. April’s result represented a sharp 51.2% decline over the same period last year and the biggest contraction since May 2015. Car sales currently total just a small 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. Panelists participating in the LatinFocus Consensus Forecast expect private consumption to decline 9.0% in 2016, which is down 0.6 percentage points from the previous month’s estimate. In 2017, the panel sees private consumption contracting 2.2%.


Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail April 2016

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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