UK Retail Sales Surge Defies Economic Headwinds
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UK retail sales unexpectedly jumped 1.6% in Q1 2024, marking the strongest quarterly performance since 2020. The rebound contributed 0.08 percentage points to GDP growth despite mounting consumer pressures from inflation and US trade tensions.
March sales ROSE 0.4% month-over-month, with volumes reaching their highest level since July 2022. The uplift came primarily from weather-sensitive categories during an unseasonably sunny spring.
While the IMF warns global trade barriers sit at century highs, the UK’s consumer resilience offers temporary relief. The retail revival contrasts with broader concerns about Trump-era tariffs and their potential Ripple effects across global markets.
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