Brazil’s retail sales saw worst six months in 14 years
This is according to the Serasa Experian Retail Activity Index. The result is the worst performance for a first half since 2002, when the country faced one of its worst energy crises.
“The sharp decline in retail sales in the first half of 2016 is explained by the continued increase of the country’s unemployment rate, the depressed consumer confidence levels as well as the more restrictive conditions of installment-plan sales,” said the Serasa report released on Wednesday.
The greatest retraction in retail sales for the period was seen in the automobile and autoparts segment, with a decline of seventeen percent in relation to the first semester of 2015.
The auto segment was followed by sales of clothing, footwear and textiles, which declined by 13.9 percent during the first six months of the year. Durable goods such as furniture, electro-electronics and computer equipment fell by 13.3 percent.
Only the segment of fuel and lubricants closed the first half of the year in positive territory, with sales increasing by 4.3 percent.
What to read next