No 5 Brazil：Rankings dip, but still strong
Brazil's retail growth slowed in 2013, and the country drops to fifth after two consecutive years in first place.
While GDP growth picked up (2.3 percent in 2013, compared with 1 percent in 2012), retail sales growth fell by more than half to 4.3 percent, as accelerating inflation undermined real wage growth and household debt increased. However, low unemployment and bank default levels demonstrate a strong middle class that continues to make Brazil a popular retail location.
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Young women look at Brazil t-shirts in a market in Rio de Janeiro, Brazil. [Photo/IC] |
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