UK’s retail sales post largest drop in six months in June
by ChemOrbis Editorial Team - content@chemorbis.com
According to data released by the UK’s Office for National Statistics (ONS), the country’s retail sales posted the largest decline seen in six months in June, declining by 0.9% from a month earlier. The latest figure also represented a faster drop than Bloomberg economists’ expectations which called for a 0.6% decrease.
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.
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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