Tue, 29 Sep 2020

Brazil's retail sales rise 8 pct in June

Xinhua
13 Aug 2020, 06:51 GMT+10

RIO DE JANEIRO, Aug. 12 (Xinhua) -- Retail sales, one of the engines of the Brazilian economy, rose eight percent in June compared to May, indicating the country's gradual economic recovery, the Brazilian Institute of Geography and Statistics (IBGE) reported on Wednesday.

According to the IBGE report, seven out of eight sectors of the industry analyzed showed a large amount of growth in June compared to May.

Meanwhile, retail sales grew 0.5 percent in June compared to the same period last year.

"Despite the positive numbers ... retail trade closed the first six months of the year with a decrease of 3.1 percent compared to the first six months of 2019, influenced by social isolation measures to contain the pandemic," the IBGE report stated.

Despite signs of recovery, the financial market predicts the country's gross domestic product (GDP) will fall by 5.6 percent this year.

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