Lower-than-expected retail sales hit economic hopes

Retail sales came in much lower than expected, denting hopes that the economy is gaining strength.

According to the CSO, the volume of retail sales for March fell by 3.6% compared with the same month last year and there was a decrease of 1.9% compared with February. Excluding the motor trade, retail sales were down 1.8% compared with February and 1.6% on an annual basis.

The value of retail sales fell by 4.1% compared with Mar 2012 and 1.9% compared with February. Excluding the motor trade, there was a monthly decrease of 1.8% and an annual decrease of 1.7%.