Brazil Retail February 2016


Retail sales grow at fastest pace since July 2013

Retail sales (excluding cars and construction) returned to growth in February, expanding 1.2% over the previous month in seasonally-adjusted terms. The result notably contrasted January’s revised 1.9% contraction (previously reported: -1.5% month-on-month). Growth was recorded in half of the eight components of the index, with furniture and household appliances recording a profound increase.

On an annual basis, retail sales fell 4.2% in February, which was an improvement from January’s 10.6% contraction. January’s figure had marked the worst result in over a decade. As a result of the improvement, the trend stabilized. Annual average growth in retail sales was unchanged at January’s minus 5.3%.

Panelists participating in this month’s LatinFocus Consensus Forecast expect retail sales to contract 3.2% in 2016, which is unchanged from last month’s forecast. For 2017, the panel sees retail sales growing 0.2%.

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Brazil Retail Chart

Brazil Retail February 2016

Note: Year-on-year changes of GDP in %
Source: Brazilian Institute of Statistics and Geography (IBGE) and FocusEconomics Consensus Forecast.

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