Retail sales post surprising growth in July

With family consumption overperforming, retail sales in Brazil grew by 1.2 percent in July, surpassing consensus forecasts of 0.7 percent, according to data provided by national statistics bureau IBGE. 

The latest results contributed to a positive 5.9-percent growth over the past twelve months, led mainly by items such as clothing. 

When sales of vehicles and construction materials are factored into the equation, however, the retail growth drops to 1.1 percent. During July, sales of construction material — boosted last year by coronavirus emergency aid payments — fell by 2.3 percent, while vehicle sales grew just 0.2 percent. The sector has been feeling the effects of the global semiconductor shortage.

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