Bloomberg reports that Brazil’s retail sales rose more than expected in May. 2008 was a record year in Brazil, yet retail sales rose 4% compared to May 2008 and it rose 0,8% compared to the previous month April 2009 (the expectation was a 0,4% increase). The raising Brazilian middle class and Brazil’s huge internal market is fueling it’s resiliance in this crisis.
Economists are again revising Brazil’s GDP growth upwards. This news will probably have the central bank incline to a further decrease of the SELIC intrest rate. Estimates they will lower the rate from the current 9,25% to 8,75% on July 22.
Tags: middle class
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