UK retail sales likely dropped again in March

UK retail sales are expected to have been warped by Easter’s timing that fell during the March data survey period in 2016, according to Societe Generale. The CBI Distributive Trades and BRC surveys show that retail sales growth likely declined sharply in annual terms. This suggests that retail sales dropped 0.8% m/m after moderately dropping by 0.2% in February, noted Societe Generale.

Meanwhile, the PSNBex deficit is expected to have declined to GBP 6.1 billion in March from February’s GBP 7.1 billion. This suggests a deficit of GBP 76.8 billion for full fiscal year as compared with the OBR’s updated forecast of GBP 72.2 billion, said Societe Generale.