Brazil Retail February 2018


Brazil: Retail sales fall in February

May 4, 2018

Retail sales (excluding cars and construction) fell 0.2% from the previous month in seasonally-adjusted terms in February, which contrasted January’s revised 0.8% increase (previously reported: +0.9% month-on-month). The result contrasted market analysts’ expectations of a 0.8% expansion.

February’s downturn was largely due to a decline in sales of food, beverages and tobacco. In addition, sales of clothing and footwear also fell at a marked pace.

On an annual basis, retail sales increased 1.3% in February, which was below January’s 3.2% growth. The recent improvement in Brazil’s economy is more visible when examining the trend, and annual average growth continued to improve in February, coming in at 2.8%, the best result since October 2014 (January: +2.5%).

Panelists participating in this month’s LatinFocus Consensus Forecast expect retail sales to increase 3.4% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, the panel sees retail sales growing 3.6%.


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Brazil Retail Chart

Brazil Retail February 2018 1

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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