Brazil: Retail sales growth steadies in April
Retail sales (excluding cars and construction) rose 1.0% from the previous month in seasonally-adjusted terms in April, broadly unchanged from March’s revised 1.1% increase (previously reported: +0.3% month-on-month). The result beat market analysts’ expectations of a 0.6% increase.
Behind the reading, was solid growth in sales of fuels and lubricants as well as of food and beverages. However, sales of clothing and footwear lost steam in April.
On an annual basis, retail sales increased 0.6% in April, a sharp slowdown from March’s 8.0% rise. The stark deterioration, however, is largely due to an unfavorable calendar effect from the earlier timing of Easter this year. As a result, the trend dipped in April, and annual average growth came in at 3.7%, down a notch from March’s 3.8%.