Retail sales grew 5.8% in July, in line with Patria Finance's forecasts of a 5% growth. Transport service sales grew by 4.6% and restaurants and accommodation services saw sales almost flat (+0.3%). Results are in line with our projections and, thus, do not change our outlook of slowly decelerating retail sales growth that should average 4% for the whole year of 2001. As the GDP growth is concerned, retail sales should remain a net contributor to the growth that we expect at around 3% for the second half of 2001.
(David Marek)