Saorview boosts retail data

Increased television sales in the run-up to the digital switchover are likely to have pushed headline retail sales up further during October, it was claimed yesterday.

The CSO is due to publish updated retail sales figures for October on Wednesday.

These, according to Alan McQuaid, economist with Merrion Capital, should show a monthly rise of 0.9%, and a year-on-year increase of 1.2%.

“As things currently stand, we now believe personal spending will fall by 1% on average in real terms this year, as against our previous projection of a 2% decline,” he said. “This should also mean that GDP growth in 2012, will be higher than envisaged before.

“The latest official retail sales data, for September, suggest that consumers may be starting to spend again, albeit tentatively.

“Headline sales were up 0.9% in the month, the fourth rise in the last five months. Furthermore, they were up 1.4% on an annual basis — the first year-on- year increase of 2012.”

Meanwhile, the CSO will also publish updated residential property price data for October on Monday. Average prices are expected to have risen by another 1%, last month. “Although the most recent figures were very encouraging, it is too early to say whether residential property prices are now on a steady upward rise,” said Mr McQuaid.

“As regards October, a monthly increase of 1% is projected, which would push the annual rate of decline down to 6.7%.”

In Dublin, residential property prices rose by 2.4% in September, the biggest increase seen in the capital since Aug 2006. On a national basis, September’s figures saw a 0.9% rise, up from a 0.5% increase in August.

Mr McQuaid is also anticipating upcoming CSO data to show further growth in private sector wage rates, a 2% fall in in-bound tourism figures for the last few months, and a slight increase in unemployment levels for October.

“The average jobless rate was 14.4% in 2011 and we expect it to be higher, at 14.8%, in 2012,” he said.

© Irish Examiner Ltd. All rights reserved

Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

The Monday Interview: Former Dublin star Conal Keaney is on his bike to promote his business

Apple’s core product key to realisation of $1tn dream

Brexit talks: Now it’s crunch time for Ireland

Nama defiant over ‘lost €18bn’ claim


Breaking Stories

Average house price increases by 10.9% over 12 months

You can now fly from Cork or Dublin to Chicago with WOW air

Vodafone gives high speed broadband to 15 rural towns to help business

TV licence may become mandatory for owning a computer

Lifestyle

Meet the US firefighter running the Cork City Marathon with his severely ill daughter

'You’re doing phenomenally well with brilliant men; why wouldn’t you want brilliant women too?'

Damien Enright: The fascinating Armoured Ground Crickets are perfect look-alikes for horror-film aliens

Jess Kavanagh is putting some real bite in her Barq

More From The Irish Examiner