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Financial News: UK Retail Sales Growth Accelerates In June

UK Retail Sales Growth Accelerates In June

07/24/2020 - 02:52:00 (RTTNews)

(RTTNews) - UK retail sales logged a double-digit growth in June as non-food and fuel stores continued their recovery from the sharp falls experienced since the start of the coronavirus pandemic, the Office for National Statistics reported Friday.

Retail sales volume advanced 13.9 percent on month, faster than the 12.3 percent rise in May and bigger than economists' forecast of 8 percent.

Growth in sales, excluding auto fuel, improved to 13.5 percent in June from 10.6 percent a month ago. Sales were forecast to grow 7.5 percent.

Non-food stores and fuel sales showed strong monthly growths in the volume of sales at 45.5 percent and 21.5 percent, respectively.

On a yearly basis, retail sales volume dropped at a slower pace of 1.6 percent after easing 12.9 percent in May. Economists had expected a 6.4 percent drop for June.

Excluding auto fuel, retail sales grew 1.7 percent in June, in contrast to a 9.6 percent drop in May. Economists had forecast a 3.7 percent decrease.

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