Early estimates show that the volume of retail sales rose at its fastest rate for six years last year as consumer spending accelerated.
Preliminary figures from the Central Statistics Office show that the volume of sales rose by 6.2% compared with 2005, the highest increase since 2000.
For December alone, the volume of sales was up 0.8% compared with November. The value of sales, which takes prices into account, increased by 1.3% in December and by 7.8% over the whole of 2006.
A seasonally adjusted breakdown of the December figures showed a 5.1% monthly jump in motor sales - which also includes petrol and other forecourt sales - and a 6.5% increase in sales of electrical goods. Bar sales were up 1%, but were virtually flat over the whole year.
Davy Stockbrokers said the fourth quarter of 2006 was the best of the year by some distance. It said the volume of sales jumped 7.5% compared with Q4 2005, and that sales recovered after a relatively weak third quarter, when consumer incomes were hurt by a spike in energy costs as well as two interest rate hikes. Davy is forecasting 7% consumer spending growth in 2007.
Ulster Bank economist Pat McArdle, however, again raised questions about the quality of some of the data. He said three core categories which reported falls in November saw rises in December and motors, which fell in November, bounced strongly in December.
He described this as 'the usual see-saw pattern', though he added that in broad terms 2006 was the best year for five years.
