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Brazil Feb. Retail Sales Growth Exceeds Expectations

Brazil's retail sales increased more than economists expected in February, data released by statistical office IBGE showed Friday.

Retail sales increased 9.6 percent year-on-year in February, notably faster than the 9.1 percent growth economists forecast.

Retail trade of fuels and lubricants increased 3.9 percent annually, while clothing and footwear sales decreased 3.4 percent. There was a 13.3 percent annual growth in sales of furniture and household appliances during the month, and a 9.5 percent gain in sales of pharmaceutical, medical and orthopedic products.

On a monthly basis, retail sales dropped a seasonally adjusted 0.5 percent in February, while economists were looking for a 0.3 percent decrease.

Broad retail sales, including sales of automobiles and parts as well as construction material, increased a seasonally adjusted 2.5 percent annually during the month, the agency said.

by RTTNews Staff Writer

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