UK Retail Economic Briefing Report summary
October 2024
Period covered: Period covered: September 2024
3 minute read
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. Become a member to access this data or take out a free 30 day membership trial now.
Economic activity
Real GDP grew by 00% in the three months to August 2024, with all main sectors showing expansion in August, notably services and construction.
Monthly real GDP is estimated to have grown by 00% in August 2024, following no growth in June and July 2024
Services output grew modestly by 00% over the three months to August, led by gains in professional, scientific, and technical activities, which rose by 00%.
Confidence
The GfK Consumer Confidence Index fell one point to -00 in October, returning to levels last seen in March 2024.
Three measures declined, while two improved.
Projections for personal finances over the next 12 months improved by one point to -00, which is 00 points higher than October 2023.
The Major Purchase Index rose 00 points to -00, marking a 00-point improvement compared to the same month last year.
The Savings Index increased four points to +00, up two points from October 2023.
Inflation
The headline inflation measure rose by 00% in September YoY, down from 00% in August. This marks the lowest level of inflation since April 2021, surprising economists who had anticipated a drop to 00%.
Lower air fares and petrol prices provided downward pressure to the headline rate, which was partially offset by rising food and non-alcoholic beverages inflation.
Credit and Housing Market
Annual growth in unsecured lending rose by 00% September, down from the 00% rise in the previous month.
Consumers borrowed an additional £00bn in consumer credit on net, down from £00bn last month.
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Contributions to monthly GDP growth
Source: Retail Economics
