Duchess of Cambridge gives birth to baby boy

Britain's Duchess of Cambridge delivered a baby boy Monday afternoon, an event analysts said would be "overwhelmingly positive" for the U.K. economy. The child of the Duchess of Cambridge Kate Middleton and Prince William will be third-in-line to the throne. Middleton gave birth in the private wing of Saint Mary's hospital in London.The boy, whose name was not immediately revealed, weighed 8 pounds, 6 ounces.

"The impact on the U.K. economy is likely to be limited — albeit overwhelmingly positive. At the margin, the royal birth may provide the economy with a temporary, small positive boost at a time when it seems to be increasingly moving in the right direction," Howard Archer, chief U.K. and European economist at IHS Global Insight, said in a research note. According to the U.K.'s Centre for Retail Research (CRR), the royal birth will boost retail sales by £243 million ($372 million) between July 1 and August 31. 

The Centre forecast that £87 million ($133 million) would be spent on food and alcohol for parties to celebrate the birth, while £156 million ($239 million) would be spent on memorabilia. "The most obvious support to the economy coming from the royal birth will be some boost to retail sales through people buying souvenirs and commemorative items, while there is also likely to be a small lift to alcohol sales as some people will want to toast the royal baby," said Archer.