According to the data provided by the UK’s Office for National Statistics, in September 2020, retail sales showed a significant rise. The data greatly exceeded the forecasts.
The ONS noted that in September, retail sales advanced by 1.5% in contrast to August. On a yearly basis, the indicator jumped by 4.7%.
Trading Economics emphasized that analysts had expected a rise of 0.4% on a monthly basis and a 3.7% increase year over year. Thus, the indicator has been growing for five months in a row. In September 2020, the UK retail sales climbed by 5.5% compared to February, the month when the coronavirus outbreak occurred.
The revised data showed that in August, the UK retail sales inched up by 0.9% whereas they added 2.7% on a yearly basis. In September 2020, the country’s retail sales, excluding automotive fuel, grew by 1.6% in a month and by 6.4% compared to the previous year. Analysts had foreseen smaller rises of 0.5% and 5% respectively.
In the third quarter of 2020, the UK retail sales soared by 17.4%, showing the best performance since the record began.
