July 30, 2019 / 3:37 PM / 4 months ago

Brazil stimulus seen lifting H2 supermarket sales -industry group

SAO PAULO, July 30 (Reuters) - A planned economic stimulus package will likely boost Brazil’s supermarket sales in the second half, after lackluster economic growth in the first six months tempered the sector’s performance, a local industry association said on Tuesday.

In June, supermarket sales rose 3.89%, compared with the same period a year ago, bringing growth in the first six months of 2019 to 2.64%, the industry group Abras said. It reiterated its full-year growth forecast of 3%.

“We thought about revising down this number, but after a few analysis... we believe it will be possible to reach 3%,” said João Sanzovo Neto, Abras president, citing the stimulus package recently announced by the government. It is expected to free up 42 billion reais ($11.08 billion) from workers severance fund accounts.

$1 = 3.7902 reais Reporting by Gabriela Mello; Editing by Dan Grebler

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