Davy Research

Irish economy

Retail sales rise by 2% in Q1 2017, up 6% on the year

DAVY VIEW

Today’s retail sales data show that the strong recovery in Irish consumer spending has continued in early 2017. Retail sales volumes (ex-motor trades) rose by 0.7% in March, up 6.0% on the year. Q1 2017 sales volumes rose by 2% compared with the final quarter of 2016. Given that employment and wages are both growing by close to 3%, household incomes are rising by at least 5% which, coupled with CPI inflation at 0.7%, means that real incomes are expanding rapidly. We expect total consumer spending to grow by at least 3% in real terms in 2017.

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