Brazil: Retail sales record the largest rise in over one year
October 15, 2014
In August, retail sales (excluding cars and construction) rose 1.1% over the previous month in seasonally-adjusted terms, which contrasted July’s 1.0% drop. The result exceeded market expectations of a 0.75% increase. Further, the print represented the largest expansion in over one year. The monthly increase was largely driven by an increase in sales of pharmaceuticals and communication equipment, as well as of clothing and footwear.
On an annual basis, retail sales contracted 1.1% in August, which followed the 0.9% contraction recorded in July. Annual average retail sales increased 3.6% in August, which was down from a 4.3% rise in July.