Brazil's retail sales rise 5.7% in March, higher than estimates

By Ovunc Kutlu

ISTANBUL (AA) - Retail sales in Brazil increased 5.7% in March on an annual basis, rising much more than estimates, according to data released Wednesday.

The expectation for the figure was to show an annual increase of 5.2%.

The figure for February, meanwhile, was revised from a gain of 8.2% to an increase of 8.1%.

Retail sales remained steady in March, compared to February, according to the Brazilian Institute of Geography and Statistics (IBGE).

The expectation for the figure was to show a monthly decrease of 0.1%.

Retail sales increased 1% in February, compared to the previous month.