Retail sales set to grow by 9%

Consumer spending could rise by 9% in volume terms this year helping to maintain Ireland’s status as the the eurozone’s fastest growing economy for a second consecutive year.

CSO figures published yesterday show a 1.4% increase in headline retail sales volumes for March, when compared to the previous month. When measured on a year-on-year basis, March’s spending levels were up 9.2%. When car and vehicle sales are excluded from the figures however, monthly sales were down by 1% and up by 4.7% on an annualised basis.

“Headline retail sales were up 6.4%, in volume terms on average last year, while sales excluding cars were 3.7% higher in 2014,” said Alan McQuaid, chief economist with Merrion Stockbrokers.