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UK Retail Economic Briefing Report summary

May 2021

Period covered: April 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.

UK GDP is estimated to have contracted by 1.5% in the first quarter of 2021, reflecting the impact of the third national lockdown.

The level of GDP in the UK is now 00% below where it was prior to the pandemic at the end of 2019. Compared with the same quarter a year ago, when the initial economic impacts of the COVID-19 pandemic began to show, the UK economy remains 6.1% smaller.

On a monthly basis, GDP rose 2.1% in March, the fastest monthly growth rate since last August, boosted by schools reopening, strong construction activity and a pick-up in retail sales.

The wholesale and retail sector fell by 5.9%, while personal service activities, which includes hairdressers, fell by 15.8% as lockdown restrictions hit consumer-facing sectors.

Health was one of the few services sectors to record growth, up 1.8%, driven by the NHS Test and Trace service and COVID-19 vaccine rollout.

Retail sales rose by 00% in April, year-on-year, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted, exc. Fuel), versus April 2019.

Last April, many parts of non-food retail suffered unprecedented declines as the Government announced the first national lockdown, triggering the closure of all non-essential retail outlets for the entire trading month and beyond.

Job vacancies in the UK have hit their highest level since the start of the pandemic, with an increase in the quarterly employment rate suggesting “some early signs of recovery” according to the ONS.

Mortgage approvals rose in April, totalling 86,921 from 83,402 in March, below the previous six-month average of 94,982. Compared with the same month a year ago, mortgage approvals rose by 436% following the dramatic fall a year ago during the early stages of the pandemic.

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Price and Sales Expectations

Source: RICS

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UK Retail Economic Briefing Report: March 2024

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  • Summary and economic overview
  • GDP
  • Labour market statistics
  • Inflationary trends
  • Producer prices pressures
  • Consumer spending
  • Retail sales trends
  • Prices, costs and margins
  • House prices and mortgage approvals
  • Credit market statistics
  • Consumer Confidence
  • Wage Growth and more…