Brazil Retail December 2016


Brazil: Retail sales tumble in December despite Christmas season

February 14, 2017

Retail sales in Brazil (excluding cars and construction) plunged in December, despite the holiday season. Sales fell 2.1% from the previous month in seasonally-adjusted terms, contrasting November’s revised 1.0% expansion (previously reported: +2.0% month-on-month). The result marked the largest contraction in nearly a year.

Contractions were recorded in four of the eight components of the index in December. Food, beverages and tobacco—the most significant category of the index—recorded a notable drop and sales of furniture and household appliances also fell.

On an annual basis, retail sales decreased 4.9% in December, which was a deterioration from November’s 3.8% decline. Despite the poor result, the trend edged up as the annual average variation in retail sales rose from minus 6.5% to minus 6.2%, an eight-month high.

Panelists participating in this month’s LatinFocus Consensus Forecast expect retail sales to increase 0.1% in 2017, which is down 0.5 percentage points from last month’s forecast. For 2018, the panel sees retail sales growing 1.8%.

Author: Angela Bouzanis, Lead Economist

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Brazil Retail Chart

Brazil Retail December 2016

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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