Latin American Economy & Business - February 2014 (ISSN 1741-7430)

Retail sales fell in December for the first time in nine months, resulting in a full year result of 4.3%, the weakest in a decade (in 2003 the sector rose 3.67%) according to latest data from the national statistics institute (Ibge). Sales unexpectedly fell 0.2% month-on-month (in volume terms) ahead of the Christmas season, though they were still up 4.0% in volume terms over the previous December. The IBC-Br economic activity index compiled by the central bank also fell sharply in December, raising the possibility that Brazil was in recession in late 2013.