Brazil Retail September 2022

Brazil

Brazil: Retail sales grow at fastest pace in six months in September

November 9, 2022

Retail sales rose 1.1% month on month in seasonally-adjusted terms in September (August: +0.1% mom). The figure marked the best reading since March. Looking at the details of the release, the improvement was largely driven by faster growth in supermarkets, food, drinks and tobacco sales. Meanwhile, textiles, clothing and footwear sales lost pace, while other articles for household and personal use sales contracted at a more moderate pace.

On an annual basis, retail sales rose at a quicker rate of 3.2% in September (August: +1.6% yoy), the best result since April. Accordingly, the trend improved significantly, with the annual average variation of retail sales coming in at minus 0.7% in September, up from August's minus 1.4%.

LatinFocus Consensus Forecast panelists expect retail sales to grow 1.2% in 2023, which is unchanged from last month’s forecast, and 2.5% in 2024.


Author:, Economist

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Brazil Retail September 2022

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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