Sales at Brazil’s shopping malls and supermarkets proved resilient in March, posting an unexpected advance as lower interest rates offset concerns about Europe’s ongoing debt crisis, Dow Jones reports.
Retail sales in March rose a seasonally adjusted 0.2% from February, the Brazilian Institute of Geography and Statistics, or IBGE, said Thursday. The advance was greater than the median forecast of analysts polled by the local Estado news agency, which projected sales volume to fall 0.25% in March versus February.
Retail sales also advanced 12.5% in March compared with March 2011, and are up 7.5% over the past 12 months.
“The Brazilian economy still hasn’t recovered at the pace policymakers expected, and its sluggishness is reflected in the retail sector,” said Reinaldo Pereira, the coordinator of the IBGE’s retail sales survey.
Source: Dow Jones Newswires, O Globo