Brazil Retail July 2022

Brazil

Brazil: Decline in retail sales softens in July

September 14, 2022

Retail sales fell 0.8% month on month in seasonally-adjusted terms in July (June: -1.4% mom). Looking at the details of the release, the moderation came on the back of a marked rebound in fuel sales, and other articles for household and personal use sales dropped at a slower pace.

On an annual basis, retail sales plunged 5.2% in July, which was notably below June’s 0.1% fall and marking the worst result since October 2021. Accordingly, the trend pointed down, with the annual average variation of retail sales coming in at minus 1.8%, down from June's minus 0.9%.

LatinFocus Consensus Forecast panelists expect retail sales to grow 1.5% in 2022, which is down 0.1 percentage points from last month’s forecast, and 1.1% in 2023.


Author:, Economist

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Brazil Retail July 2022

Note: Month-on-month changes of seasonally-adjusted retail sales and annual average growth rate in %.
Source: Brazilian Institute of Statistics and Geography (IBGE) and FocusEconomics Consensus Forecast.


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