Retail sales trends point to Q3 growth despite August fall

19th September 2013

·  Retail sales volumes for August 2013: down 0.

9% on the month; up 2.1% on the year · The August fall comes after a strong increase in July, and the trend in sales remains clearly upward, with an increase of 1.7% in the three months to August, compared with the previous three months · Annual inflation in the retail sector slowed from 1.8% in July 2013 to 1.6% in August 2013   Commenting on the retail sales figures for August 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:   -Despite the fall in August, the long-term trend in retail sales is positive. We still expect GDP growth in the third quarter of 2013, although this may be slightly weaker than the 0.7% recorded in Q2. The fall in inflation in the retail sector seen this month is also an important ingredient in sustaining the economic recovery, as it will help to maintain price stability.   -While we would like to see a balanced recovery with a sizable contribution from net exports and investment, it is important to focus on the positives. If we can maintain business confidence then a more balanced recovery will follow. However this also requires further action from government, and we expect to see a raft of growth measures announced in the Autumn Statement later this year.

You might also be interested in

Local Businesses List Cleanliness, Safety and Retail As Their Top Priorities For Improvement in South Yorkshire’s Civic Centres

Mon 8th July 2024

Safety, cleanliness and the quality of retail have all been cited by South Yorkshire businesses as top priorities for their local urban cores. This is according to the recently-published findings of the Town and City Centre Survey.

BCC Quarterly Economic Survey: Business Confidence Continues To Tick Up in Q2

Mon 8th July 2024

The BCC’s Quarterly Economic Survey – the UK’s largest and longest-running independent business survey – shows measures of business confidence and business conditions slightly improved in Q2 2024, albeit from a very low base.

Bank Seeks Further Evidence Before Rate Cut

Mon 1st July 2024

David Bharier, Head of Research at the British Chambers of Commerce reacts to the Bank of England’s latest interest rate decision

BCC DIRECTOR GENERAL SHEVAUN HAVILAND: STOP TREADING ON EGGSHELLS AROUND EU TRADE

Mon 1st July 2024

Director General of the BCC, Shevaun Haviland, has urged the next Government to stop treading on eggshells around trade with the EU if it wants to grow the UK economy.