"… the initial estimate of GDP will be revised up in next week's second estimate"
- Vicky Redwood at Capital Economics
U.K. retail sales rose by 0.3 per cent in July and the Office for National Statistics revised June's sales to 0.8 per cent from 0.1 per cent. Retail sales volumes rose 2.8 per cent compared to the same period the previous year.
"The latest UK retail sales figures are pretty good - as much for the upward revisions to past months as for July's figure," said Vicky Redwood at Capital Economics.
"The fall in sales in Q2 [second quarter] overall was revised from 0.7% to 0.3%, adding to other evidence suggesting that the initial estimate of GDP will be revised up in next week's second estimate."
"What's more, sales should maintain this recent positive momentum in the near term as the boost from the Olympics comes through."
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