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.
Author: Hanna Andersson, Economist