Venezuela Retail December 2015

Venezuela

Venezuela: Contraction in car sales accelerates in December

January 19, 2016

Annual car sales fell 72.1% over the same month of the previous year and totaled 1,470 units in December, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). This was a notable drop compared to November’s 53.6% contraction.

In the 12 months up to December, car sales reached 18,758 units, which is the lowest print on record. December’s result represented a sharp 20.9% decline over the same period of the previous year. Car sales currently total just a fraction of the peak of 491,899 units recorded in 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.

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 5.9% in 2016, which is down 0.7 percentage points from the previous month’s estimate. In 2017, the panel sees private consumption rising 0.2%.


Author: Jean-Philippe Pourcelot, Economist

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Venezuela Retail December 2015

Note: Year-on-year variation and 12-month sum of domestic car sales in thousand units.
Source: Venezuelan Automobile Chamber (CAVENEZ).


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