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Brazil retail sales record plunge

Christian Fernsby ▼ | June 17, 2020
Brazilian retail sales plunged at a record pace in April as social isolation measures choked spending, official figures showed on Tuesday, indicating the economy’s contraction in the second quarter could be even more severe than anticipated.
Brazil street
Contraction   Brazil street
Sales excluding autos and construction materials fell 16.8% in April from March and from the same month a year ago, statistics agency IBGE said on Tuesday, reflecting the first full month of social isolation and quarantine measures.

Topics: Brazil

Both were steeper than the 11.9% monthly decline and 13.6% annual fall forecast in a Reuters poll of economists.

IBGE said that level of sales is now its lowest since the series began in 2000 and down 22.7% from the peak in October 2014.

Supermarket, food, drink and tobacco sales fell 11.8%, and pharmacy, medical and cosmetics sales fell 17%, IBGE said.