The British economy, which has had bigger problems after the pandemic compared to the neighboring region Europe, continues to give signs of slowing down. According to the data released minutes ago, the annual retail sales rate in the UK, which has been improving in recent months, decreased compared to the previous period.
Annual retail sales, recorded as -1.6% YoY in the previous period, fell short of expectations in July. While the surveys expected the data to be -2.1%, the official figure came out as -3.2%.
On the monthly side, retail trade fell by -1.2%, against the expectations of -0.5%. Metrics, which fell more than forecasts, lead to comments that the British economy may grow less than expected. The IMF predicted that the UK will grow by 0.4% in 2023.
Prime Minister Rishi Sunak stated last week that inflation should fall first for interest rate cuts.
