Venezuela Retail

Venezuela

Venezuela: Downward spiral in car sales continues in June

July 9, 2014

Annual car sales plunged 85.9% over the same month last year and reached just 1,089 units according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading followed the 76.3% decline recorded in May and marked the lowest level of car sales in four months.

In the 12 months up to June, car sales reached just 49,834 units, which was 58.6% lower than in the same period last year (May: -54.9% year-on-year) and marked the lowest level of units sold since records began in 1997. Car sales currently total just a fraction of the peak of 491,899-units recorded in the full 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. LatinFocus Consensus Forecast panelists expect private consumption to decline 0.6% this year, which is down 0.2 percentage points from the previous month’s estimate. In 2015 the panel sees private consumption growth at 2.6%.


Author: Ricard Torné, Lead Economist

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Venezuela Retail Chart


Venezuela Retail June 2014

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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