Brazil's retail sales jump 1.3% in June, beating estimates

Market expectation for figure was to show gain of 0.4% year-on-year

By Ovunc Kutlu

ISTANBUL (AA) – Retail sales in Brazil jumped 1.3% in June on an annual basis, beating market expectations, according to official data released on Wednesday.

The market estimates for the figure was to show a gain of 0.4% year-on-year, following a 1% decline in May.

On a monthly basis, retail sales remained unchanged in June, compared to the previous month, said the Brazilian Institute of Geography and Statistics (IBGE).

While the market expectation for the figure was to show an increase of 0.4%, retail sales decreased 1% in June from the month before.

Fabrics, clothing and footwear saw the largest annual gain with 1.4% in June, according to IBGE.

That group was followed by food products and beverages with an increase of 1.3%, it added.

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