Retail Sales

BRAZIL ECONOMICS - Report 16 Oct 2017 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

Household consumption continues to be the driving force of the current recovery, and as is logical, its tendency is closely accompanied by real retail sales. In August, however, real retail sales in the restricted sense dipped slightly. We believe this movement is temporary and does not change the outlook for growing consumption, which continues to be stimulated: by the low real interest rates; the recovery (albeit slow) of the labor market; and the ongoing expansion of credit for consumption, which is also favored by the gradual decline of the household debt service ratio. The signs are for firm, but far from exuberant, growth.

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