Wednesday, December 11, 2019

Trade sales grow 0.1% in October, says IBGE

Retail sales grew 0.1% in October compared to the previous month, according to data released on Wednesday (11) by the Brazilian Institute of Geography and Statistics (IBGE). "It's the sixth consecutive month of growth, with an increase of 2.7% in the period. The quarterly moving average index, after an increase of 0.6% in the quarter ended September, showed a loss of pace in the quarter ended October (0.4%)," ibge reported. Prospects for the economy The pace of recovery of the economy shows signs of acceleration in this late stretch of the year. Brazilian industrial production, for example, grew 0.8% in October, at the third monthly high in a row. In the year, however, the industrial sector still accumulates a drop of 1.1%. Among the factors that have contributed to higher domestic consumption, analysts cite the fall in the basic interest rate (Selic), inflation under control, credit expansion, FGTS looting and the recovery of the labor market, albeit at a slow pace and pulled by i which has increased the wage mass and the number of Brazilians occupied and with some income. Economists at financial institutions began to project a 1.1% increase in Gross Domestic Product (GDP) in 2019, according to the Central Bank's latest Focus survey. For next year, the growth forecast rose from 2.22% to 2.24% – at the fifth consecutive high.
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