UK retail sales recovered in February largely driven by non-food store sales, data from the Office for National Statistics showed on Friday.
Retail sales volume including auto fuel logged a monthly growth of 2.1 percent, in contrast to January’s 8.2 percent decrease. The pace of growth matched economists’ expectations.
Excluding auto fuel, retail sales gained 2.4 percent on month, in contrast to the 8.7 percent decrease seen in January and faster than the forecast of +1.9 percent.
Non-food stores provided the largest positive contribution to the monthly growth in February.
On a yearly basis, retail sales fell at a slower pace of 3.7 percent after decreasing 5.9 percent in January. This was the second consecutive drop in sales and was better than the expected drop of -3.5 percent.
Excluding auto fuel, retail sales were down 1.1 percent annually, following a 3.7 percent drop seen in the prior month. Economists had forecast an annual fall of 1.5 percent.
The material has been provided by InstaForex Company – www.instaforex.com
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