New figures from the Central Statistics Office show that retail sales figures fell at a record rate in January, mainly due to a dramatic slump in car sales.
The volume of retail sales in January was down just over 20% compared with the same month last year, the biggest annual drop since records began in 1974.
View the CSO figures in full
Though another set of weak figures had been expected, this 20.4% annual drop in the volume of retail sales has already been described as 'mind-blowing' by one economist.
The main reason for the slump was a dramatic fall-off in car sales. The CSO says the motor sector usually accounts for more than a third of all sales in January, and sales in this category have fallen by more than 40% in the last 12 months.
But even when this figure is taken out, the picture looks bleak, particularly in those areas linked to the property market.
Furniture and lighting sales have now fallen by more than a third in the year to January, while sales of electrical goods are down by a quarter.
Weak sales figures, particularly in the car sector, affect the amount the Exchequer takes in from VAT and excise duties.
If this trend continues, it is likely to make the Government's job in framing next month's supplementary Budget even harder.
