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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

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