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Brazil Retail Sales Rise Less Than Expected

Brazil's retail sales in May grew less-than-expected from a year ago and declined from the previous month, figures from the statistical office IBGE showed Wednesday.

Retail sales rose 2.4 percent year-on-year following 1.7 percent increase in April. Economists had forecast 3.2 percent growth.

Compared to the previous month, retail sales dropped 0.1 percent in May after a 0.9 percent gain in April. Economists had expected 0.4 percent increase.

The monthly decline was led by a 7.8 percent slump in sales of clothing and footwear in May.

Broad retail sales, which includes construction materials and automobile spare parts, grew 4.5 percent year-on-year, recovering from a 0.5 percent slump in April. Economists were looking for 6.1 percent rise.

On a month-on-month basis, broad retail sales dropped 0.7 percent in May after a 1.2 percent gain the previous month. Economists had predicted 0.5 percent increase.

by RTT Staff Writer

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