Brazil’s economy slowed by 1.2% in the second quarter according to the central bank’s IBC-Br activity index. Activity was 1.5% lower in the month of June from the previous month, registering a fifth consecutive month of declines. The latest figures come after the country’s IBGE statistics institute reported Thursday that retail sales fell 0.7% in June. Sales were up by 4.2% in the first half. The IBGE earlier this year reported that Brazil’s economy grew by 0.2% in the first quarter. According to the central bank’s latest weekly market survey, Brazil’s economy is seen growing by only about 0.8% in 2014. The central bank itself, however, projected growth of about 1.6% this year in its 2nd quarter inflation report.