Venezuela: Drop in car sales eases slightly in August
September 5, 2014
Annual car sales plummeted 79.8% over the same month last year and reached 1,681 units in August, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading followed the 81.8% decline recorded in July and marked the eighth consecutive month of contractions exceeding 75%.
In the 12 months up to August, car sales reached just 36,079 units, which was 68.7% lower than in the same period last year (July: -63.7% 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 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.
Meanwhile, the government and the Central Bank continued not to deliver relevant economic data for several indicators, including inflation, the scarcity index, estimates for GDP, budget balance, balance of payments and external debt.