Financial News: Brazil's Retail Sales Rise Unexpectedly In March

Brazil's Retail Sales Rise Unexpectedly In March

05/17/2023 - 09:38:00 (RTTNews)

(RTTNews) - Brazil's retail sales increased unexpectedly at the end of the first quarter, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Wednesday.

Retail sales rose a seasonally-adjusted 0.8 percent month-on-month in March, after remaining flat in February. Meanwhile, economists had expected a 0.8 percent fall for the month.

The monthly growth in March was mainly driven by a 7.7 percent sales increase recorded in office, computer, and communication equipment and materials.

On a yearly basis, retail sales growth accelerated to 3.2 percent in March from 1.1 percent in the previous month, primarily due to a 14.3 percent surge in demand for fuels and lubricants. Sales were expected to fall slightly, by 0.1 percent.

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