Venezuela Retail December 2016


Venezuela: Contraction in car sales sharpens in December

January 17, 2017

Venezuelan car sales recorded a steep 88.1% contraction from the same month of the previous year and totaled 175 units in December, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). December’s reading represented a sharper contraction than the 81.8% drop recorded in the previous month and marks the 18th consecutive contraction.

In the 12 months up to December, car sales reached just 6,012 units. December’s result represented a sharp 65.8% decline from the same period the previous month (November: -65.8% year-on-year).

Given the limited availability of timely data for the real sector, car sales are used as a proxy for private consumption. Panelists participating in the LatinFocus Consensus Forecast expect private consumption to decline 5.9% in 2017, which is unchanged from the previous month’s estimate. In 2018, the panel sees private consumption contracting 1.2%.

Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail Chart

Venezuela Retail December 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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