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

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: April 19, 2018
UAE. Software technology sector saw most number of professionals changing jobs in 2017; Lack of opportunities for career advancement touted as the biggest reason.
date:Posted: April 19, 2018
LEBANON. Drop due to the suspension of interest-rate subsidies on housing loans at the beginning of the year; The index is at its lowest level since Q2 2015 and the third lowest level in 43 quarterly readings; Reviving demand in Lebanon requires immediate measures and incentives from the government.
date:Posted: April 18, 2018
UAE. Speaking at the Arabian Hotel Investment Conference (AHIC), Dr. Martin Berlin, Partner and Global Deals Real Estate Leader said the issues and challenges facing Middle East Hospitality and Tourism can be grouped into five categories, collectively known by their acronym ADAPT.
LEBANON. Drop due to the suspension of interest-rate subsidies on housing loans at the beginning of the year; The index is at its lowest level since Q2 2015 and the third lowest level in 43 quarterly readings; Reviving demand in Lebanon requires immediate measures and incentives from the government.
dhgate