In March, retail sales (excluding cars and construction) expanded a seasonally adjusted 1.2% over the previous month. The reading represented an improvement over the 0.3% rise recorded in February (previously reported: -0.4% month-on-month) but came in slightly below market expectations of a 1.3% increase. On an annual basis, retail sales decelerated sharply from 8.5% tallied in February to 4.1% in March. Annual growth rates are likely to decrease further due to an unfavourable base effect, as retail sales rose at double-digit pace during most of 2010. The monthly increase was driven by a rise in the sale of computers and office supplies (+3.5% month-on-month) as well as books (+1.6% mom). Meanwhile, the broad retail sales index, which includes automobiles and construction materials, rose a stronger 1.7% over the previous month, with vehicle sales expanding 3.8% mom and construction materials rising 2.7% mom. Despite the positive month-on-month results, car sales continue to underperform as a result of higher borrowing costs for the acquisition of automobiles, as the Central Bank attempts to contain the pace of credit growth. Owing to a high comparison base, annual average growth in retail sales moderated from 10.4% in February to 9.5% in March.
Retail sales rebound substantially in March
May 12, 2011
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Brazil Economic News
October 19, 2016
At its 19 October meeting, the Central Bank’s Monetary Policy Committee (COPOM, Comite de Politica Monetaria) decided to cut the benchmark SELIC interest rate for the first time in four years, lowering it from 14.25% to 14.00%.
October 18, 2016
Retail sales (excluding cars and construction) fell 0.6% in August from the previous month in seasonally-adjusted terms.
October 7, 2016
Consumer prices in September increased 0.08% over the previous month, the lowest rise since July 2014.
October 4, 2016
In August, industrial production plunged 3.8% over the previous month in seasonally-adjusted terms, which significantly contrasted the 0.1% expansion recorded in July and marked the worst result since January 2012.
October 3, 2016
The Markit manufacturing Purchasing Managers’ Index (PMI) rose slightly in September, increasing from August’s 45.7 to 46.0.