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According to British Retail Consortium retail sales increased by 1.1% year on year. Analysts had expected a decline to -0.7%. The previous value was also negative and amounted to -0.5%.
A report on retail sales, published by the British Retail Consortium, estimates changes in the actual retail sales companies, members of the consortium on the basis of regularly provided reliable information. This indicator shows the trend in the retail sector.
The BRC report states that recorded growth in retail sales is contrary to the UK talk about slowing consumer spending after Brexit. The growth of retail sales in July was the strongest since January of this year.
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