UK Executive Report | Economic Report
UK Executive Report : May 2021Access report with a free trial subscription
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Period covered: February 2021
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Subscribe to access this data or take out a free 30 day subscription trial now.
Annual GDP fell by 0.00% in 2020, a slight revision on the preliminary estimate of a 9.9% drop, but still the largest annual decline since “The Great Frost” of 1709.
GDP is forecast to grow by 4.7% in 2021, according to independent forecasts from the Treasury.
The latest ONS data suggests unemployment edged down despite the economy facing lockdown restrictions, but the rate of increase in job openings has slowed strongly in recent months.
The unemployment rate came in at 0.00% in the three months to January, 1.1 percentage points higher than a year earlier. The number of people unemployed was estimated at 1.74million, up 454,000 on the same period a year ago and up 121,000 on the quarter.
CPI inflation unexpectedly eased in February, slowing to 0.4% year-on-year from the 0.7% rise in January and below expectations of a rise to 0.8%.
Average regular pay (excluding bonuses) for employees in Great Britain was £0.00 per week before tax and other deductions from pay – up from £511 per week a year earlier.
The RICS Residential Market Survey for February indicates another cooler month for sales activity, following a buoyant second half of 2020. National lockdown restrictions continue to deter potential buyers and vendors.
Retail sales fell by 0.00% in February, year-on-year, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted, exc. Fuel).
Total online sales rose markedly on the previous year, up 78.6%. Average weekly sales climbed to £0.00 billion compared with £1.3 billion in the previous year.
Our research shows that almost half of consumers say that since the pandemic, they spend more time browsing online and researching for retail products.
.Source: Retail Economics