Irish Economy 2014: The volume of retail sales (i.e. excluding price effects) increased by 0.9% in May 2014 when compared with April 2014 and there was an increase of 6.2% in the annual figure, according to the CSO today. If Motor Trades are excluded, there was a decrease of 0.5% in the volume of retail sales in May 2014 when compared with April 2014 and there was an increase of 3.4% in the annual figure.
The sectors with the largest month on month volume increases were Motor Trades (+4.6%), Electrical Goods (+1.8%) and Other Retail Sales (+1.4%). The sectors with the largest monthly decreases were Furniture and Lighting (-6.9%), Books, Newspapers and Stationery (-3.9%) and Hardware, Paints & Glass (-2.0%).
There was an increase of 0.6% in the value of retail sales in May 2014 when compared with April 2014 and there was an annual increase of 4.1% when compared with May 2013. If Motor Trades are excluded, there was a monthly decrease of 0.3% in the value of retail sales and an annual increase of 1.4%.
Irish retail sales
growth sustained into the second quarter: Conall Mac Coille, chief economist at
Davy said: "Thursday’s data suggest that the
recovery in Irish retail spending evident in early 2014 has been sustained into
the second quarter of the year. Retail sales rose by 0.9% in May and by 6.2%
year-on-year. Excluding car sales, retail spending fell by 0.5% in May; however,
following a strong 1.9% rise in April, it is still up 3.4% year-on-year.
The rebound in Irish retail spending in 2014 has largely been driven by car
sales, up 20.3% year-to-date, driven by the rebound in consumer confidence as
Ireland approached the EU/IMF bailout exit. But even excluding car sales, retail
spending has expanded by 3.3% in the first five months of 2014. Indeed,
exchequer returns to May show VAT receipts up 4.4% year-on-year. So the rebound
in consumer spending is helping the Irish government to meet its deficit
Retail Ireland, the Ibec group that represents
the retail sector said CSO figures published for retail sales in May showed
strong growth, but this is tempered when the impact of car sales is factored out
of the data. While the value of sales rose by over 4.1%, sales excluding motor
trades and bars rose by 1.1% last month compared with May 2013. There was an
increase of 3.4% in the volume of those sales, highlighting the fact that
retailers continue to discount prices to drive footfall.
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