British retail sales stage surprise rebound
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Fri February 17, 2012 3:20 pm
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INTERNATIONAL. British retail sales rose by 0.9% in January after gaining 0.6% in December, the Office for National Statistics said on Friday, lifting prospects for first-quarter economic growth.

Analysts' consensus forecast had been for a fall of 0.4%, according to a survey by Dow Jones Newswires.

The ONS added in a statement that retail sales jumped by 2.0% in January compared with the same month in 2011, boosted by clothing and heavy discounting.

"This is a major surprise, and a very pleasant one," said IHS Global Insight economist Howard Archer.

"Given the key role of consumer spending, the unexpected and impressive 0.9% jump in retail sales volumes in January is a massive boost to hopes that the economy has returned to growth," he added.

The British economy contracted by 0.2% in the fourth quarter of 2011 and would return to recession with another contraction in the current first quarter of 2012. First-quarter gross domestic product figures are due in April.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 4, 2015
UAE. July data suggested that the UAE's non-oil private sector regained some of the growth momentum that was lost at the end of the second quarter; Output and new orders both rose at sharper rates, contributing to a robust overall improvement in business conditions.
date:Posted: August 4, 2015
EGYPT. Latest data painted a bleak picture; Business conditions worsened amid declines in output, new orders and employment, although the respective rates of contraction were only slight.
date:Posted: August 4, 2015
SAUDI ARABIA. Stronger growth of the sector as a whole was mainly driven by sharper expansions in both output and new orders, while purchasing activity also rose more quickly; However, data for employment bucked the general trend, as the rate of hiring eased to a 14-month low.
UAE. July data suggested that the UAE's non-oil private sector regained some of the growth momentum that was lost at the end of the second quarter; Output and new orders both rose at sharper rates, contributing to a robust overall improvement in business conditions.
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