Brazil's retail sales show annual gain in December, fall monthly

By Ovunc Kutlu

ISTANBUL (AA) - Brazil's retail sales showed an annual gain in December, but posted a decline on monthly basis, according to data released Thursday.

Retail sales in Brazil rose 0.4% annually in December, the Brazilian Institute of Geography and Statistics (IBGE) said in a statement.

The figure came much lower than expectations of a 2.4% gain, after it increased 1.4% in November year-on-year.

On a monthly basis, however, retail sales volume contracted 2.6% in December, which was the second consecutive fall and marked the largest monthly decline during the year of 2022, the IBGE said in the statement.

Market estimates for the figure was to show a monthly contraction of 0.7%, after retail sales declined 0.9% in November from the previous month.