Venezuela Retail November 2016

Venezuela

Venezuela: Contraction in car sales sharpens in November

December 9, 2016

Car sales in Venezuela recorded a steep 81.8% contraction from the same month last year and totaled 2365 units in November, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). November’s reading represented a sharper contraction than the 61.7% drop recorded in the previous month and marks the 17th consecutive contraction.

In the 12 months up to November, car sales reached just 4,303 units, which is the lowest print on record. November’s result represented a sharp 80.9% decline from the same period the previous month (October: -77.7% year-on-year). Car sales currently total just a small fraction of the peak of 491,899 units recorded in calendar year 2007.

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 11.6% in 2016, which is down 0.4 percentage points from the previous month’s estimate. In 2017, the panel sees private consumption contracting 5.9%.


Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail November 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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