Venezuela: Car sales fall in May
June 7, 2013
In May, car sales fell 5.0% over the same month last year to reach 11,145 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading contrasts the strong 28.8% increase seen in April and marks the fifth monthly decline in the last six months. Building on the monthly figure, car sales added 125,216 units in the 12 months up to May, which is down 3.7% from the level observed in the same period last year (April: -2.1% year-on-year). Accordingly, car sales remain well below the peak of 491,899 units recorded in the full year 2007. Car sales have been subdued since 2007 due to severe supply shortages following government restrictions on assembly plants and importers. Given the limited availability of timely data on the real sector, analysts often use car sales as a proxy for private consumption. LatinFocus Consensus Forecast panellists expect private consumption to increase 0.1% this year, which is down 0.5 percentage points over the previous month's estimate. Next year the panel sees private consumption growth at 2.2%.