The Confederation of British Industry has released its quarterly Distributive Trades Survey (release). Expectations of 16 per cent growth were dashed as figures showed growth of a mere 8 per cent, the lowest since September and down from 17 in the last quarter. This marks the third consecutive period in which retail growth has slowed.
While growth in retail continues, this decline in the rate of growth will cast doubt on the UK's GDP prospects for this year.
Barry Williams, Asda Chief Merchandising Officer for Food, and Chair of the CBI Distributive Trades Survey Panel said:
“Clearly, the road to recovery remains fragile. Worries about the economy, pay freezes and the rising cost of living will mean shoppers remain cautious for the foreseeable future.”