UK Retail Sales Fall More Than Expected in April

UK retail sales fell by 1.3% in April, missing consensus estimates, primarily due to a sharp contraction in fuel sales and weather-related weakness in clothing. Goldman Sachs subsequently lowered its Q2 GDP growth forecast for the UK to 0.2%.

Key Takeaways

• 1.UK headline retail sales volumes fell by 1.3% in April, significantly worse than the consensus forecast of -0.6%.
• 2.The decline was largely driven by a 10.2% drop in auto fuel sales as high prices reduced consumer travel.
• 3.Goldman Sachs lowered its UK Q2 GDP growth tracking estimate to +0.2% from +0.3% following the weak data.

Table of Contents

• BOTTOM LINE
• KEY NUMBERS
• MAIN POINTS
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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