February car sales fall by a massive 53%

A MASSIVE 53% fall in the amount of car sales conducted in February, dragged total retail sales down by just under 21%, on a year-on-year basis, according to new figures published yesterday by the Central Statistics Office (CSO).

The figures – following on from a 26.6% annualised fall in January – have unsurprisingly led to dire forecasts for the rest of the year.

One economist – Deirdre Ryan of Goodbody Stockbrokers – said we are likely to witness a 9% decline in overall consumer spending for 2009.