Brazil: Retail sales decline in April
June 10, 2011
In April, retail sales (excluding cars and construction) contracted a seasonally adjusted 0.2% over the previous month. The reading contrasted the 1.0% rise recorded in March (previously reported: +1.2% month-on-month) and came in below market expectations of a 0.4% increase. On an annual basis, retail sales accelerated sharply from 4.0% tallied in March to 10.0% in April, mainly due to a favourable base effect from April 2010. The monthly contraction was driven by a fall in the sale of computers and office supplies (-13.6% month-on-month) as well as apparel (-3.2% mom). Meanwhile, the broad retail sales index, which includes automobiles and construction materials, rose 1.1% over the previous month, with vehicle sales expanding 1.7% mom and construction materials rising 0.2% mom. Annual average growth in retail sales remained unchanged in April at 9.5%.