Retail Sales in Venezuela
Venezuela - Retail Sales
Car sales remain minimal in May despite increase
Car sales rose 11.3% year-on-year in May but sales remain minimal, with only 279 units shifted in that month, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). With the government limiting imports and consumer purchasing power having fallen off a cliff, car sales have rapidly declined in recent years, meaning small variations in absolute numbers lead to large percentage changes. May’s reading was in contrast to the 19.7% decline recorded in April.
In the 12 months to May, car sales reached just 4,701 units, down 57.2% year-on-year.
Given the limited availability of timely data for the real sector, analysts often use car sales as a proxy for private consumption. Panelists participating in the LatinFocus Consensus Forecast expect private consumption to decline 5.8% in 2017, which is up 0.1 percentage points from the previous month’s estimate. In 2018, the panel sees private consumption contracting 1.0%.
Venezuela - Retail Sales Data
|Retail Sales (annual variation in %)||-||-||-||-||-|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||5.50||0.0 %||Aug 19|
|Exchange Rate||248,832||0.0 %||Aug 17|
|Stock Market||5,764||2.04 %||Jan 30|
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February 12, 2019
On 28 January, the Trump administration significantly increased the economic pressure on President Nicolás Maduro’s government by announcing sweeping sanctions against PDVSA, the state-owned oil firm.
September 11, 2018
On 20 August, a series of far-reaching economic reforms came into effect as President Nicolás Maduro once again strived to tackle spiraling inflation, stabilize the freefalling currency and overcome the deep economic crisis gripping the country.
July 9, 2018
At the twentieth Central Bank Dicom auction held on 28 June, the bolivar sold at 134,262.5 VEF per EUR (approximately 115,000 VEF per USD), weakening 20.1% from the 111,734.4 VEF per EUR (approximately 96,000 VEF per USD) rate in the previous auction held on 25 June.
July 5, 2018
The average price of Venezuela’s mix of crude oil came in at USD 64.5 per barrel (pb) in June, falling 1.2% from May’s average of USD 65.2 pb.
June 11, 2018
At the seventeenth Central Bank Dicom auction held on 8 June, the bolivar sold at 94,112 VEF per EUR (80,000 VEF per USD), weakening 0.8% from the 93,392 VEF per EUR (80,000 VEF per USD) rate in the previous auction held on 1 June.