Retail sales in the U.K. rebounded in February exceeding analyst expectations at the fastest rate since May 2008, according to the governmental statistics office.
Sales increased by 2.1 percent over January, the Office for National Statistics said on Thursday. Economists surveyed by Dow Jones expected a 1.7 percent monthly gain.
“It snowed in January, no one went shopping, and when the snow thawed people went shopping again,” Alan Clarke, an economist at BNP Paribas, said in a Bloomberg report. “Still, it’s going to be pretty hard for retail sales to add to growth in the first quarter, they’ll be a drag.”
The report bodes well for the U.K. economy, which is partly driven by consumer spending and consumer sentiment. Sales of household goods increased 11.2 percent in February, and gasoline sales increased by 9.1 percent.
Sales increased by 2.1 percent over January, the Office for National Statistics said on Thursday. Economists surveyed by Dow Jones expected a 1.7 percent monthly gain.
“It snowed in January, no one went shopping, and when the snow thawed people went shopping again,” Alan Clarke, an economist at BNP Paribas, said in a Bloomberg report. “Still, it’s going to be pretty hard for retail sales to add to growth in the first quarter, they’ll be a drag.”
The report bodes well for the U.K. economy, which is partly driven by consumer spending and consumer sentiment. Sales of household goods increased 11.2 percent in February, and gasoline sales increased by 9.1 percent.
