Venezuela Retail February 2017

Venezuela

Venezuela: Contraction in car sales softens in February

March 7, 2017

Car sales recorded a steep 33.8% contraction from the same month of last year and totaled 215 units in February, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). February’s reading represented a softer contraction than the 59.4% drop recorded in the previous month and marked the softest decline in 18 months.

In the 12 months up to February, car sales reached just 5,672 units, a record low. February’s result represented a sharp 65.2% decline from the same period the previous month (January: -66.6% 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 5.0% in 2017, which is up 0.1 percentage points from the previous month’s estimate. In 2018, the panel sees private consumption contracting 1.1%.


Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail February 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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