Brazil Retail March 2019


Brazil: Retail sales growth disappoints in March

May 10, 2019

Retail sales (excluding cars and construction) increased 0.3% from the previous month in seasonally-adjusted terms in March, a mild increase from February’s flat growth. The result undershot market expectations of a stronger 0.8% increase and increases fears that the economy had another weak quarter in Q1.

The modest increase was driven chiefly by rising sales of pharmaceutical, medical and cosmetic articles, and sales of office equipment and supplies. In contrast, most other categories posted lower sales in March, including food, beverages and tobacco.

On an annual basis, retail sales dropped 4.5% in March, notably contrasting February’s 3.9% expansion. Annual average growth in retail sales accordingly fell from 2.4% in February to 1.3% in March.

Brazil Retail Sales Forecast

Panelists participating in this month’s LatinFocus Consensus Forecast expect retail sales to increase 2.8% in 2019, which is unchanged from last month’s forecast. For 2020, the panel sees retail sales growing 3.4%.


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Brazil Retail Chart

Brazil Retail March 2019

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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