Weather ‘will cost economy €300m’

RETAIL sales have plunged 38% because of the adverse weather conditions which will cost the economy up to €300 million.

On average there was almost 13% of staff absent from firms since the new year, while the estimated percentage of sales lost since January 1 is close to 19%.

These figures are contained in a survey conducted by employers group IBEC among 261 business owners. IBEC estimates that the total value of economic output lost last week was around €700m, with €500m lost in the services sector and €200m in the manufacturing sector.