Categories: Headlines

U.K. Retail Sales Plummet

U.K. retail sales fell in March, mainly driven by a lull in fuel sales, according to The Guardian. The volume of sales dropped 0.5 percent in March from February, with fuel sales experiencing a 6.2 percent decline – the largest in under three years, according to The Guardian and the Office for National Statistics.

Economists in a Bloomberg survey had predicted a 0.4 percent increase, and excluding fuel sales, retail sales only rose 0.2 percent – 0.2 percent below the anticipated amount. Department store sales also fell, while conversely, clothing and household goods reported gains, reports Bloomberg Business.

After the figures were released, the pound dropped below $1.50.

The first-quarter GDP numbers for the U.K. will be released April 28, a week before the U.K.’s general election.

VMSD Staff

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