23/05/2003
UK consumer spending slows sharply
The latest figures from the Office of National Statistics have revealed that in the first quarter of this year growth in consumer spending has slumped to the lowest level in six years.
Growth in spending by UK consumers slipped to 0.4%, down from 1.1% in the same period last year.
The report on consumer spending is in line with expectations following a report indicating that retail spending in Q1 was down significantly.
The ONS report confirms what many analysts had suspected that a consumer slowdown in the UK is well underway. But the slowdown has occurred at a bad time for the UK, where other sectors are also in a slow phase and consequently unable to support the economy.
Economists expected the ONS to downwardly revise the forecast for economic growth from a figure of 0.2%, though many analysts fear that this figure may be even lower than expected indicating a widespread cross-sector slowdown in the UK economy.
The figures have fuelled yet more speculation that there may be another cut in interest rates later this year, if the scenario of a cooling economy continues to develop.
But Bank of England Governor, Sir Eddy George, said earlier this week that despite a slowdown in the consumer sector, business investment, which had risen by 0.8% in Q1, could partly offset the dip in consumer spending.
(SP)
Growth in spending by UK consumers slipped to 0.4%, down from 1.1% in the same period last year.
The report on consumer spending is in line with expectations following a report indicating that retail spending in Q1 was down significantly.
The ONS report confirms what many analysts had suspected that a consumer slowdown in the UK is well underway. But the slowdown has occurred at a bad time for the UK, where other sectors are also in a slow phase and consequently unable to support the economy.
Economists expected the ONS to downwardly revise the forecast for economic growth from a figure of 0.2%, though many analysts fear that this figure may be even lower than expected indicating a widespread cross-sector slowdown in the UK economy.
The figures have fuelled yet more speculation that there may be another cut in interest rates later this year, if the scenario of a cooling economy continues to develop.
But Bank of England Governor, Sir Eddy George, said earlier this week that despite a slowdown in the consumer sector, business investment, which had risen by 0.8% in Q1, could partly offset the dip in consumer spending.
(SP)
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25 May 2006
UK consumer spending slows in Q1
Consumer spending has slowed in the UK in the first quarter, but overall this was evened out by increased activity in the manufacturing sector, as the level of UK performance reached the expected 2.2% figure for the year. The latest figures from the Office for National Statistics revealed that the UK's Gross Domestic Product grew at 0.
UK consumer spending slows in Q1
Consumer spending has slowed in the UK in the first quarter, but overall this was evened out by increased activity in the manufacturing sector, as the level of UK performance reached the expected 2.2% figure for the year. The latest figures from the Office for National Statistics revealed that the UK's Gross Domestic Product grew at 0.
19 September 2013
NSO Reports Surprise Fall In Retail Sales
The Office for National Statistics have reported a 0.9% fall in retail sales volumes in August, as opposed to 0.4% rise that analysts had predicted. Despite the fall sales volumes were still 2.1% higher than in the same period in 2012, when the Olympics affected spending.
NSO Reports Surprise Fall In Retail Sales
The Office for National Statistics have reported a 0.9% fall in retail sales volumes in August, as opposed to 0.4% rise that analysts had predicted. Despite the fall sales volumes were still 2.1% higher than in the same period in 2012, when the Olympics affected spending.
12 May 2005
UK consumer sector slowdown larger than expected
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UK consumer sector slowdown larger than expected
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15 September 2005
Consumer spending remains flat
The latest UK retail sales figures have revealed that total sales volume remained unchanged between July and August. The Office of National Statistics said that the volume of retail sales in the three months to August was 0.8% higher than in the previous three months, compared to growth of 1.2% in the same period last year. It falls a slump of 0.
Consumer spending remains flat
The latest UK retail sales figures have revealed that total sales volume remained unchanged between July and August. The Office of National Statistics said that the volume of retail sales in the three months to August was 0.8% higher than in the previous three months, compared to growth of 1.2% in the same period last year. It falls a slump of 0.
26 August 2004
Consumer spending set to slow in 2005, says Experian
Consumer spending is set to slow next year as rising interest rates eat into consumer confidence and disposable incomes, according to a report by the global economic forecasting group Experian.
Consumer spending set to slow in 2005, says Experian
Consumer spending is set to slow next year as rising interest rates eat into consumer confidence and disposable incomes, according to a report by the global economic forecasting group Experian.
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