24 Jul 2014
UK retail sales point to robust 2Q GDP - ING
FXStreet (Łódź) - James Knightley from ING believes that the slightly weaker than expected UK retail sales numbers for June haven’t shaken the belief that Q2 GDP will be robust.
Key quotes
“When we look at the April-June quarter as a whole we see that retail sales were up 1.6% on the January-March period while they were 4.5% higher than in the April-June period last year."
“This is the strongest annual growth rate for ten years and supports the assertion of BoE officials that the UK economy is maintaining its positive momentum.”
“It also points to a decent 2Q14 GDP reading tomorrow - we look for growth of 0.9%QoQ versus the 0.8% consensus.”
Key quotes
“When we look at the April-June quarter as a whole we see that retail sales were up 1.6% on the January-March period while they were 4.5% higher than in the April-June period last year."
“This is the strongest annual growth rate for ten years and supports the assertion of BoE officials that the UK economy is maintaining its positive momentum.”
“It also points to a decent 2Q14 GDP reading tomorrow - we look for growth of 0.9%QoQ versus the 0.8% consensus.”