Retail sales in the United Kingdom jumped more than expected during the crucial Christmas period despite poor weather before the holiday.
Retail sales grew 2.6 per cent during December compared with the previous month. Economists had predicted a rise of 0.2 per cent, according to a report by the Office of National Statistics.
Major chains such as Tesco had reported dismal figures for the period.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Friday's report was also surprising because it suggested the retail sector was supporting the economic recovery.
There was a record 8.7 per cent month-on-month increase in the quantity of goods bought at department stores, according to the statistics office.
Small stores led the charge.
The surge may have come from the poor weather, which may have prompted consumers to shop locally, Monument Securities strategist Marc Ostwald said.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
