Venezuela: Free fall in car sales continues in July
August 7, 2014
Annual car sales tumbled 81.8% over the same month last year and only reached 1,585 units in July, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading followed the 85.9% decline recorded in June and marked the seventh consecutive month of contractions exceeding 75%.
In the 12 months up to July, car sales reached just 42,733 units, which was 63.7% lower than in the same period last year (June: -58.6% 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