Investing.com - Retail sales in the U.K. rose significantly more-than-expected in February, easing concerns over the country’s economic outlook, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said retail sales rose by a seasonally adjusted 2.1% in February, blowing past expectations for a 0.5% increase.
Retail sales for January were revised down to a 0.7% decline from a previously reported fall of 0.6%.
Year-on-year, retail sales rose at an annualized rate of 2.6% last month, easily surpassing expectations for a 0.5% increase, after falling at a revised rate of 0.5% in January.
Core retail sales, which exclude automobile sales, rose 1.9% in February, beating expectations for a 0.6% gain, after falling 0.4% in the preceding month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.6% to trade at 1.5191.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 declined 0.7%, the EURO STOXX 50 fell 0.7%, France’s CAC 40 dropped 0.8%, while Germany's DAX slumped 0.7%.
In a report, the U.K. Office for National Statistics said retail sales rose by a seasonally adjusted 2.1% in February, blowing past expectations for a 0.5% increase.
Retail sales for January were revised down to a 0.7% decline from a previously reported fall of 0.6%.
Year-on-year, retail sales rose at an annualized rate of 2.6% last month, easily surpassing expectations for a 0.5% increase, after falling at a revised rate of 0.5% in January.
Core retail sales, which exclude automobile sales, rose 1.9% in February, beating expectations for a 0.6% gain, after falling 0.4% in the preceding month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.6% to trade at 1.5191.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 declined 0.7%, the EURO STOXX 50 fell 0.7%, France’s CAC 40 dropped 0.8%, while Germany's DAX slumped 0.7%.