Brazilian retail sales volumes pleasantly surprisedStaff Writer |
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.
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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