Brazil Retail March 2020

Brazil

Brazil: Nominal retail sales contract at sharpest pace in over four years in March

May 13, 2020

Retail sales dropped 2.5% month-on-month in seasonally-adjusted terms in March (February: +0.5% mom). March's result marked the worst reading since January 2016; however, it was above market analysts’ expectations of a 7.7% fall.

March's downturn came on the back of drops in other articles for household and personal use and fuels and lubricants sales. Moreover, textiles, clothing and footwear sales contracted markedly, while furniture and appliances sales also fell.

On an annual basis, retail sales declined 1.2% in March, contrasting February’s 4.7% expansion. The reading marked the worst result in one year. Meanwhile, the trend improved slightly, with the annual average growth of retail sales coming in at an over one-year high of 2.2%, up from February's 1.9% reading.

LatinFocus Consensus Forecast panelists expect retail sales to decline 1.9% in 2020, which is down 4.4 percentage points from last month’s forecast. For 2021, the panel sees retail sales growing 3.4%.


Author:, Economist

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Brazil Retail March 20 20

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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