The FINANCIAL — British retail sales rose in July, a sign that consumer spending will continue to drive growth in the third quarter, according to Nasdaq.
The Office for National Statistics said on August 20 that July’s retail sales were 0.1% higher on the month and 4.2% higher on the year.
The rise was fueled by sales of electrical appliances, furniture and other household goods, the ONS said, aided by falling prices, in-store promotions and a healthy housing market.
Economists expect consumer spending to power the British economy this year, as low inflation and rising wages boost Britons’ spending power.
The U.S. and the U.K. are forecast by the International Monetary Fund to be the fastest-growing big economies this year.
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