Brazil's retail sales declined in August, defying expectations for modest growth, figures from the statistical office IBGE showed Wednesday.

Retail sales fell 0.5 percent from July, when they stagnated. Economists had forecast 0.3 percent growth.

On a year-on-year basis, retail sales grew 3.6 percent in August following a 3.1 percent gain in July. Economists were looking for 4.4 percent increase.

Broad retail sales, which includes sales of automobile parts and building construction material, grew 0.1 percent month-on-month in August, same as in July. Economists had predicted a 0.8 percent increase.

Compared to a year ago, broad retail sales grew 7.6 percent in August after a 5.6 percent gain in July. Economists had expected 8.8 percent increase.

The material has been provided by InstaForex Company – www.instaforex.com

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