Brazil's retail sales soar 8.1% in May to beat estimates

ISTANBUL

Retail sales in Brazil jumped 8.1% in May on an annual basis, rising much more than market estimates, according to data released Thursday.

The market expectation for the figure was to show an annual increase of 4%.

The annual figure for April was revised slightly down from a gain of 2.2% to 2.1%.

This marked the 12th consecutive time that the annual figure showed an increase, according to the Brazilian Institute of Geography and Statistics (IBGE).

On a monthly basis, meanwhile, retail sales rose 1.2% in May, compared to April.

The expectation for the figure was to show a monthly decrease of 0.9%.

The figure for April, meanwhile, was unrevised at a gain of 0.9%.

With the new figures, retail sales in South America's biggest economy have been rising for five months in a row.