Friday, 10 July, 2020, 3:32 AM
latest Former home minister Sahara Khatun no more      
Home Business

UK retail sales rebound in January after sluggish 2019

Published : Friday, 21 February, 2020 at 12:00 AM  Count : 150

LONDON, Feb 20: British shoppers started spending again at the start of this year after a very sluggish end to 2019, adding to signs that improved sentiment since December's election is translating into stronger economic activity.
Retail sales volumes rose 0.9per cent on the month in January on a seasonally adjusted basis, after a 0.5per cent fall in December, Britain's Office for National Statistics said on Thursday.
This was the biggest rise since March and a stronger turnaround than the 0.7per cent month-on-month growth predicted on average by economists in a Reuters poll.
The bounce back was even more marked if fuel sales are excluded, with sales up 1.6per cent on the month, the biggest increase since May 2018 and above all forecasts in the Reuters poll.
Consumer demand faltered in the latter part of 2019 against a backdrop of political deadlock in parliament over Brexit.
This culminated in a snap election in December that returned Prime Minister Boris Johnson to office with a comfortable majority. Business and consumer sentiment has improved since then, as Britain left the EU on Jan. 31 with an 11-month transition deal.
Sales at petrol stations fell by 5.7per cent in January, the largest since April 2012, which the ONS linked to higher fuel prices, while clothing sales grew by the most since May 2018 after several months of weakness.
Annual sales growth remains lacklustre, however, up just 0.8per cent on the year after 0.9per cent annual growth in December, broadly in line with economists' forecasts.
Excluding fuel, sales did not grow at all over the period from August to December, the weakest such run since comparable records began in 1996.
Earlier in 2019 consumer demand had been robust, helping support growth at a time when businesses had put investment on hold until there was more clarity over Brexit.
Britain has now left the European Union, and an 11-month transition deal expires at the end of the year, after which there will be customs checks and potentially tariffs on trade with the EU, as well as curbs on immigration.
January figures from the British Retail Consortium showed a slowdown in spending to 0.4per cent from 1.9per cent growth in December.
Asda, the British supermarket arm of the world's biggest retailer Walmart (WMT.N), said on Tuesday that increasingly budget-conscious consumers were behind a fall in underlying sales in the key Christmas quarter.    -Reuters

« PreviousNext »

Latest News
Most Read News
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000. Phone :9586651-58. Online: 9513959, 01552319639, Advertisement: 9513663
E-mail: [email protected], [email protected], [email protected], [email protected],   [ABOUT US]     [CONTACT US]   [AD RATE]   Developed & Maintenance by i2soft