UK consumer sentiment index dropped to 0 in February
GfK said its consumer sentiment index dropped to 0 in February from 4 in January, worse than the reading of 3 expected by analysts.
"Despite the positive impact of continued low interest rates and subdued inflation on our day-to-day household budgets, the feeble outlook for growth and a variety of economic uncertainties since the start of the year has depressed our New Year optimism," Joe Staton, head of market dynamics at GfK, said.
The survey comes a day after the Office for National Statistics revealed that UK economic growth was driven by consumer spending in the fourth quarter. The final estimates of fourth quarter UK gross domestic product were left unchanged at 1.9% year-on-year growth and 0.5% quarter-on-quarter growth. The GDP came in as expected by economists and compared to the third quarter's increases of 2% annualised and 0.4% on the quarter. ■