Venezuela: Car sales plummet in June
July 5, 2013
In June, car sales fell 39.1% over the same month last year to reach 7,732 units, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading follows the 5.0% decrease experienced in May and marks the sharpest drop seen since March 2010.
Building on the monthly figure, car sales added 120,254 units in the 12 months up to June, which is down 8.3% from the level observed in the same period last year (May: -3.7% year-on-year). Car sales still remain well below the peak of 491,899 units recorded in the full year 2007, as severe supply shortages following government restrictions on assembly plants and importers have severely hampered sales of vehicles in recent years.
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 0.7% this year, which is up 0.1 percentage points over the previous month's estimate. Next year the panel sees private consumption growth at 1.8%.