People walk past shops displaying sales promotions in New York. File/Reuters
British retail sales rebounded much more strongly than expected last month as the country gradually relaxed its coronavirus lockdown, but public borrowing hit a record high and debt passed 100% of economic output.
US retail sales rose more than expected in June as consumers bought major items like motor vehicles and dined out, but a resurgence in new COVID-19 cases is chipping at the budding recovery, keeping 32 million Americans on unemployment benefits.
British retail sales jumped back almost to pre-coronavirus lockdown levels in June when non-essential stores in England reopened, giving a boost to beleaguered clothing stores.
The UAE GDP is expected to grow by 2.4 per cent in 2021 and 3.8 per cent in 2022 while the non-oil GDP to expand by around 4 per cent in both years, according to the Financial Stability Report (FSR) released by the Central Bank of the UAE (CBUAE) on Thursday.
The real estate sector in Dubai showed a continuous flow of real estate investments in May 2021, recording 5,359 investments worth over Dhs11 billion. In addition, 11,387 new investors entered the market,
European and US stocks pulled in different directions on Thursday as traders digested the Federal Reserve bringing forward its forecasts for hiking interest rates to prevent the US economy from overheating.