Boston, MA -- (ReleaseWire) -- 04/30/2013 -- In Venezuela, the recent devaluation of the bolivar will weigh heavily on the import-dependent consumer, and we therefore forecast real private consumption growth to slow sharply from 7.0% in 2012 to 2.0% in 2013. Indeed, we are forecasting real GDP growth in Venezuela to halve in 2013, driven by a significant erosion in consumers' purchasing power due to the devaluation.
Headline Industry Data (US$)
- Per capita food consumption forecast to 2017 = -7.55%.
- Alcoholic drink sales forecast to 2017 = -7.20%.
- Soft drink sales forecast to 2017 = -3.6%.
- Mass grocery retail sales forecast to 2017 = -3.82%.
Key Company Trends And Developments
Immediate Effects of Currency Devaluation for Multinationals: After BMI's long-held expectation of a devaluation of the Venezuelan bolivar materialised in early February 2013, we anticipate a one-time loss on balance sheets and profit cuts for multinationals. Mexican-based Coca-Cola FEMSA, for example, has already warned that Venezuela's recent devaluation of its currency will have an effect on the company's financial results by increasing operating costs from dollar-denominated raw materials and reducing Venezuelan operating profits when translated into Mexican pesos. A number of other companies, including Colgate-Palmolive and Procter & Gamble have also said they will book charges tied to the move.
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