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Brazilian retail sales volumes pleasantly surprised

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Staff Writer |
Brazilian retail
Trade in Brazil   Retail sales volumes edged higher by 0.1%

The contraction in Brazilian retail sales slowed sharply in the second quarter of 2016, prompting at least one economist to say that the recession in the country's domestic demand was over.

Retail sales volumes in Brazil edged higher by 0.1% month-on-month in June, led by a 0.8% gain in the "other items for personal and domestic use category". Economists had anticipated a fall of 0.4% in sales volumes.

Large gains were also seen in sales of books and magazines and in fashion sales, Andres Abadia, senior international economist at Pantheon Macroeconomics pointed out.

Year-on-year the rate of decline in retail sales volumes slowed sharply, from -9.0% in May to -5.3% in June.

Broad retail sales, including autos and construction that is, registered a 0.2% dip month-on-month, as expected.

For the whole of the second quarter retail sales dropped 1.0% when compared to the previous three months, following a 3.0% drop in the first quarter.

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