Economic activity accelerated in July for the first time in three months despite a slowdown in retail sales during the period, according to central bank IBC-Br index. The central bank reported activity accelerated 1.5% during the month and by 5.28% versus the same month in 2013.  The figure came despite data from Brazil’s IBGE statistics institute Thursday showing that retail activity slowed for a fifth consecutive month in July, dropping 1.1% amid poor electronics sector and supermarket sales. The monthly latest drop in economic activity came following declines of 1.5% and 0.5% in June and May respectively. For some economists, the IBC-Br index serves as a proxy for the country’s pace of economic growth. The IBGE in August reported that Brazil’s economy contracted by 0.6% in the second quarter of the year, putting the country into a recession. The month of July this year coincided with Brazil’s hosting of the World Cup soccer championships, but analysts said those were not enough to help produce greater consumer sales. According to recent central bank market surveys, the economy is seen growing by about 0.5% this year after a 2.3% expansion in 2013.