Brazil's retail sales in May remained unchanged from the previous month, defying expectations for a decline, data from the statistical office IBGE showed on Thursday.
Economists had forecast a 0.4 percent decline. Year-on-year, retail sales grew 4.5 percent, which was better than the 3.4 percent growth expected by economists.
Broad retail sales, which includes automobiles and construction materials, declined 0.8 percent monthly. Sales rose 4.4 percent year-on-year. Economists were looking for a 4.1 percent increase.
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