The latest official retail sales data from the Central Statistics Office (CSO) has found that headline sales were up 0.8% in the month in May and were 3.3% higher in the year in volume terms, effectively double the 1.6% annual rise posted in April. 

In the first five months of the year, sales were 2.7% higher than in the same period of 2016.   
 
Excluding motor trades, retail sales were also up 0.8% in the month and were 7.3% higher in the year compared with a revised annual rise of 6.8% (+6.4%) in the fourth month of 2017. “Core” sales were 6.4% higher in volume terms in the January-May period than the same time last year.
 
The sectors with the largest monthly volume increases in May were Hardware, Paints & Glass (+6.5%); Electrical Goods (+3.3%) and Books, Newspapers & Stationery (+3.1%). Meanwhile, the retail sectors with the largest monthly decreases were Furniture & Lighting (-6.3%); Bars (-3.4%) and Department Stores (-1.9%).
 
Commenting on today's figures, Merrion Stockbrokers said, "The “Brexit” fall-out and the uncertain economic implications will likely continue to impact on Irish consumer sentiment, and in turn personal spending in the months ahead. Indeed, anecdotal evidence suggests that the sharp fall in sterling post the “Brexit” referendum has enticed some Irish shoppers to spend in Northern Ireland, with the pound now weakening again after the recent General Election result."

They added, "It is also worth noting that total VAT receipts for 2016 at €12,420m were €439m below Department of Finance expectations, but figures for the year to date saw higher than expected VAT returns."

Source: www.businessworld.ie