Brazil’s retail sales stronger than expected in July
Retail sales in Brazil rose 4.3% year-on-year in July, improving sharply compared to the 0.1% gain recorded a month earlier, CEEMarketWatch reported citing figures released by the statistics office IBGE.
The expansion beat the consensus expectation of 1.95% growth and it represents the highest monthly result since November 2018. Higher employment and better credit conditions for households were the main drivers of sector’s hike during the month of reference.
The positive performance was mostly underpinned by food, beverages and tobacco sector which climbed 1.9% y/y in July, accelerating from 0.8% in the previous month. Pharmaceutical and cosmetics sales improved 3.5% to 8.5% y/y hike.
Overall, Brazilian retail sales increased 1.2% y/y in the first seven months of 2019 and 1.6% in 12-month terms.Original source: CEEMarketWatch