Venezuela’s vehicle sales see steep rise in March
The Venezuelan Automobile Chamber (CAVENEZ) said that due to strong economic growth, Venezuela's new vehicle sales rose 69.3% year on year to 16'849 units in March 2005. March sales also rose 12% from the 15'080 units sold in February 2005. Venezuela's economic outlook has improved as high oil prices fuelled growth. The country's political stability also strengthened following President Hugo Chavez's victory in a recall referendum in August 2004. The GDP (gross domestic product), which grew at a record pace of 17.3% in 2004, is expected to increase 5% this year.