Booming black economy threatens retailers

Ireland’s black economy is booming even as legitimate enterprises are enjoying record increases in sales.

New figures from the Central Statistics Office show there was an increase of 5.1% in the annual retail sales figure, but smuggling is continuing to put pressure on profit margins, according to retailers.

Isme, the Irish Small & Medium Enterprises Association, has called on the Government to refocus its efforts on the effect the black economy is having on the retail sector. The association demanded that much more emphasis be placed by Revenue on combating rogue traders.