RIO DE JANEIRO, June 16 (Reuters) - Brazil’s retail sales volumes dropped 0.4 percent in April from March, the government statistics agency IBGE said on Tuesday.
Retail sales had been expected to rise 0.6 percent, according to the median estimate of 28 economists polled by Reuters. Forecasts ranged from a drop of 0.5 percent to a rise of 1.4 percent.
April retail sales fell 3.5 percent from a year earlier , the IBGE added, worse than the 1.75 percent drop estimated in the Reuters poll. Forecasts ranged from a drop of 3.5 percent to an increase of 2.7 percent. (Reporting by Caio Saad and Rodrigo Viga Gaier; Editing by Jeffrey Benkoe)