Brazil: Retail sales rebound in January
March 13, 2014
In January, retail sales (excluding cars and construction) increased 0.4% over the previous month in seasonally-adjusted terms. The result contrasted both the 0.3% fall registered in December and market expectations of a 0.3% decrease. On an annual basis, retail sales expanded 6.1% in January, which was above the 3.9% growth rate registered in December. Six of the eight categories that compose the narrow retail sales index increased over the previous month, led by upsurges in office equipment and computers as well as in pharmaceuticals and medical articles. The broad retail sales index, which includes automobiles and construction materials, rose 2.1% over the previous month (December: -1.8% month-on-month). Annual average growth in retail sales held steady at December's 4.3% in January. LatinFocus Consensus Forecast panelists expect growth in retail sales to expand 4.2% in 2014, which is up 0.2 percentage points from last month's forecast. For 2015, the panel sees retail sales growing 3.7%.
Author: Carl Kelly, Economist