- Katja Hall, CBI Deputy Director-General
The U.K reported retail sales to advance in this year to August period, beating experts' forecast by wide margin. Furthermore, the numbers for the next quarter are said to be the most optimistic ones since 2002. According to Confederation of British Industries, overall sales balance surged by +37 compared with a +21 increase a month earlier, with furniture retailers and grocers experiencing the biggest boost in sales. Total retail sales volume rose slightly above 0.1% in a period between June and July, and sales excluding fuel increased by 0.5% above market expectations. Additionally, the numbers released indicate significant sales growth rate in the whole quarter in comparison with a period before, from 0.6% to 1.5%, respectively. Forecasts for September were even more optimistic, with 49% of retailers expecting sales to be up on the same month last year and only 7% expecting them to drop. Experts therefore predict substantial gross domestic product boost from consumer spending in the second quarter. The CBI said more than 140 companies participated in the survey, which was conducted between the July-August period
The final estimates for Gross Domestic Product will be released on 30th of September, yet the second revision already had positive changes showing growth rate of the economy of 0.8% and annual second-quarter growth change from 3.1% to 3.2%.
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