Brazil: Retail sales return to contraction
May 11, 2016
Retail sales (excluding cars and construction) returned to contraction in March, falling 0.9% over the previous month in seasonally-adjusted terms. The result notably contrasted February’s revised 1.1% expansion (previously reported: +1.2% month-on-month). Six of the eight components of the index contracted, with food, beverages and tobacco recording a profound drop.
On an annual basis, retail sales fell 5.7% in March, which was a steeper drop than February’s 4.2% contraction. As a result, the trend deteriorated. Annual average growth in retail sales fell from minus 5.3% to 5.8%.