Outlook gloomy as retail sales fall

RETAIL sales fell sharply in May and are predicted to fall further as consumers lose confidence.

Irish Life Investment Managers Head of Asset Allocation Eugene Kiernan said the figures highlight the extent of nervousness about the economy among Irish consumers.

"Given that the economic bad news has increased in the weeks since then, the outlook for retail sales for the summer is looking depressing. That's going to feed into poor exchequer returns and lower VAT receipts in particular," he said.