Commerce had best result since 2000
O Estado de S.Paulo 01/03/08
The abundant credit and the growth of income made the retail commerce reach, in 2007, its best performance since 2000. The statistics from the Commercial Association of São Paulo (ACSP) indicate that last year the stores increased their sales by 6.15% in the comparison with 2006, taking into account the consultations made for financed purchases and purchases with cash payment verified by the entity. In 2000, the consultations grew 7.81%. In December alone, there was an increase of 7.9% in credit sales compared to the previous year and 7.7% in the purchases paid by check. According to ACSP economist Emilio Alfieri, December's rhythm should continue in January, because of the strong sales of the commerce. For the year, however, he projects a slower rhythm of growth, at around 6%. "This growth of nearly 7% to 8% is not sustainable." In the economist's opinion, the rhythm may be slower because the interest rate may not fall with the same intensity it did in 2007. With the perspective of higher inflation, the monetary policy may also be stricter. Besides, the effects of the North American Real Estate crisis in the global economy are not clearly known. Also, the tax package announced by the government yesterday, which established an increase in the IOF (Financial Operation Tax), may jeopardize sales.