Retail Sales: Better Growth Than Expected

BRAZIL ECONOMICS - Report 12 Sep 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Real retail sales in July grew 1.9% in the restricted sense and 0.6% in the augmented concept, which includes cars and construction materials (Graph 1). The respective variations over the past 12 months were 6.0% and 3.7%. One of the reasons for the surprising result was the strong sales of furniture and appliances. The constraints on expansion of credit discourage retail sales in general, but there are indications that the “My Improved House” (Minha Casa Melhor) program has been stimulating the financing of these goods, partly explaining the good sales result. Graph 1 Real Retail Sales The...

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