|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Brazil (Click here for more)

Brazilian Retail Sales Mark Biggest Decline in 12 Years

RIO DE JANEIRO – The volume of retail sales in Brazil fell 3.1 percent in February compared with the same month in 2014, the largest interannual decline in nearly 12 years, the Brazilian Institute for Geography and Statistics, or IBGE, said Tuesday.

In August 2003, retail sales plunged 5.7 percent from year-earlier levels, the IBGE said.

IBGE experts attributed the sharp drop in sales to inflation, running at 8.3 percent over the past 12 months, higher interest rates and declining incomes.

“Retail sales reflect family consumption,” IBGE economist Juliana Vasconcellos said. “Consumers are affected by income, prices and credit. Incomes have decreased 1.5 percent over the past 12 months and credit has fallen too.”

Consumer spending, long the main engine of growth, has slowed in recent months, leading to stagnation in Latin America’s biggest economy.

After rising 0.8 percent from December to January, store sales dipped 0.1 percent between the first and second months of this year.

The retail figures come amid a stream of negative economic indicators.

President Dilma Rousseff’s government recently reported that the economy grew 0.1 percent in 2014, while private sector economists predict a contraction of around 1 percent this year.

The government has launched an austerity plan that cuts spending and eliminates tax breaks in a bid to address the difficult combination of an economic slowdown, inflation at a 10-year high, the depreciation of the real and a substantial budget deficit.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2020 © All rights reserved