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UK Retail Sales Grow Less Than Expected In December



DATE OF PUBLICATION: 2021-01-22 14: 24: 00 UK retail sales rebounded in December, but growth rates were much slower than expected, data released by the Office for National Statistics on Friday showed. Retail sales rose 0.3% in on a monthly basis after falling 4.1% in November. Growth, however, was weaker than economists’ forecast of + 1.2%. Sales climbed 2.7% from pre-restrictive levels in February. Clothing stores reported strong monthly gains of 21.5% after a big drop in November. when stores were closed due to restrictions. Excluding automotive fuel, retail sales rose 0.4% month-on-month after falling 3% in November. Sales are forecast to rise 0.8%. On an annualized basis, retail sales increased from 2.1% to 2.9% in November. Economists forecast 4% annual growth. Excluding automotive fuels, retail sales rose 6.4%, faster than the 5.3% growth recorded a month ago, but slower than economists’ forecast of 7%. Overall in 2020 retail sales decreased by 1.9%, which was the largest annual drop in history. Source – InstaForex

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