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 27, 2015
UAE. Exponential's insight provides tangible tips for driving "active attention" amongst consumers.
date:Posted: August 27, 2015
UAE. The rate of decline is however easing and is expected to continue to decelerate over the remainder of the year, according to ValuStrat's Q2 2015 Dubai Real Estate Market Report.
date:Posted: August 26, 2015
UAE. "Using a per unit of value job creation metric, we extrapolate that the number of jobs created in the real estate sector will rise by approximately 60% in the next five years."
UAE. The rate of decline is however easing and is expected to continue to decelerate over the remainder of the year, according to ValuStrat's Q2 2015 Dubai Real Estate Market Report.
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