Itaú BBA - Retail sales suggest moderate consumption growth in 2Q19

Macro Brazil

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Retail sales suggest moderate consumption growth in 2Q19

July 11, 2019

Broad retail sales (which include vehicles and construction material) advanced 0.2% mom/sa in May.

For the version with all charts and tables, please open the attached pdf file.

 

 Broad retail sales (which include vehicles and construction material) advanced 0.2% mom/sa in May, somewhat below our estimate and the median of market expectations (0.4% and 0.3%, respectively).

 Core retail sales declined 0.1% mom/sa, also below our call and the median of market estimates (0.2% and 0.1%, respectively). The indicator rose 1.0% yoy.

 The report reinforces our view of moderate consumption growth in 2Q19.

 For June, we anticipate, for the time being, a gain of 0.7% in core retail sales and stability in the broad indicator.


Luka Barbosa
Alexandre Gomes da Cunha
Matheus Felipe Fuck


For the version with all charts and tables, please open the attached pdf file



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