UK’s retail sales post largest drop in six months in June
The data also revealed that food sales declined 1.2% on the month in June while non-food sales slipped 0.8%. Sales at department stores were down 1.6% and retail sales at clothing and footwear stores declined 1.8% on the month in June.
Although the ONS reported that the effects of Brexit on retailers have not been felt yet, a private survey conducted by GFK showed that consumer confidence fell at the fastest pace in 21 years.
Some analysts also commented that the UK economy may be increasingly reliant on exports as a weakening pound makes British goods more competitive in global markets. According to Bloomberg, the UK’s gross domestic product (GDP) will contract by 0.1% both in the third and fourth quarters.
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