Brazil’s retail sales declined for a second consecutive month in March and the fall was more severe than economists’ expected, figures from the statistical office IBGE showed Thursday.
Retail sales dropped 0.9 percent from February, when they fell 0.4 percent. Economists had forecast 0.4 percent decline for the month. In January, sales grew 0.3 percent.
The biggest decrease was witnessed in sales of furniture and household equipment. Meanwhile, sales of fuel and lubricants rebounded in March with 2.8 percent growth after a slump in the previous month. Supermarket sales fell 2 percent.
Sales grew 0.4 percent year-on-year following 3.3 percent decline in the previous month. Economists had expected a much bigger 1.4 percent gain.
Broad retail sales, which includes sales of automobiles and construction material, fell 1.6 percent from February, when they dropped 1.3 percent. Economists had expected a 0.6 percent drop.
The measure also fell 0.7 percent annually, which was slower than the 10.4 percent slump in the previous month. In contrast, economists had forecast a 1.1 percent gain.
The material has been provided by InstaForex Company – www.instaforex.com