Brazil: Retail sales accelerate in November
January 12, 2011
In November, retail sales (excluding cars and construction) expanded a seasonally adjusted 1.1% over the previous month. The reading, which followed on a weak 0.3% rise in October, beat analysts' expectations of a 0.5% rise. On an annual basis, retail sales accelerated from 8.7% in October to 9.9% in November. The increase was broad-based, with six out of eight categories recording higher sales than in the previous month. In particular, computer sales (+10.5% month-on-month) drove the monthly expansion. The broad index, which includes autos and construction goods, increased 1.4% over the previous month. As a result of the resilience of retail sales, which recorded only one negative month-on-month reading in 2010, the annual average growth rate inched up to a buoyant 10.8% in November (October: 10.7%).