- CNTV English - CCTV News

Homepage > News > Biz >

Britain retail sales show unexpected rise in July

08-17-2012 08:07 BJT

LONDON, Aug. 16 (Xinhua) -- British retail sales grew 0.3 percent in July boosted by petrol promotions and high levels of discounting, the Office for National Statistics (ONS) said on Thursday.

Year on year, sales rose 2.8 percent from the same month in 2011.

Analysts believe July's unexpected rise in retail sales will help kickstart Britain's already recession-hit economy.

Britain's economic woes deepened in the second quarter this year with a GDPcontraction of 0.7 percent, following decreases of 0.3 percent in the previous two quarters.

ONS attributed the latest retail figures to brisk fuel sales, which increased by 2.6 percent. A glut of promotions on petrol and high levels of discounting on the high street were mostly responsible, it added.

Food sales also increased in July by 0.9 percent year-on-year. The average price of food are estimated to have increased 1.9 percent in the year to July, the lowest since February 2010.

ONS said retailers reported almost no impact from the first two days of the London Olympic Games in July.

A recent Reuters poll showed that the end of the 2012 Olympics has left economists more uncertain than ever about the Games' boost to Britain's economy, although most agree they would help thrust the country out of recession.

According to the poll of more than 60 economists, Britain's economy should grow again in the third quarter of this year by 0.7 percent. Still, that consensus concealed a huge amount of uncertainty about Britain's economic performance.



Editor:James |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program