The result contrasted June’s revised 0.3% expansion (previously reported: -0.3% month-on-month). Broad-based declines were recorded across the index, with seven of the eight components recording contractions, Focus Economics reports.
On an annual basis, retail sales fell 5.3% in July, which was a steeper fall than June’s 4.8% contraction. The trend continued to point down as annual average variation in retail sales inched down from minus 6.6% to minus 6.8%.
Panelists participating in this month’s LatinFocus Consensus Forecast expect retail sales to contract 4.8% in 2016, which is down 0.5 percentage points from last month’s forecast. For 2017, the panel sees retail sales growing 0.8%.
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