UK retail sales rise adds to GDP revision hopes

UK retail sales have posted a surprise rise in July, up 0.3% from June, beating analysts' expectations of a more modest 0.1% increase.

Sales volumes are up 2.8% on an annual basis, while June's retail figures were also revised upwards, from 0.1% to 0.8%, the Office for National Statistics said. The increase has increased expectations the UK's second quarter GDP decline of 0.7% is expected could be revised upwards when the second estimate is published later this month. Last week the ONS announced the construction sector contracted a smaller decline in output in the second quarter than previously announced. That will revise GDP upwards by at least 0.1%, the ONS added.