Weak Retail Sales Performance

BRAZIL ECONOMICS - Report 14 Aug 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Real retail sales grew only 0.5% in June, showing continuing deceleration in the preceding 12 months, with the rate falling from 4.4% in May to 1.7% through the end of June. In the augmented sense (with inclusion of cars and construction materials), the expansion during the month was 1%, with growth of 0.9% in vehicle sales and 0.6% for construction materials. However, the 12-month variation revealed contraction of 2.0% (versus +4.3% in May), as shown in Graphs 1 and 2. Graph 1 Real Retail Sales – seasonally adjusted series Graph 2 Real Retail Sales – 12-month variations Despite the good re...

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