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Retail sales edge 0.1% higher in May - CSO

Sales of hardware, paints and glass rose by 8.9% in May, new CSO figures show
Sales of hardware, paints and glass rose by 8.9% in May, new CSO figures show

New figures from the Central Statistics Office show that retail sales edged 0.1% higher on a monthly basis in May on the back of increased sales of hardware and books. 

The CSO said that retail sales rose by 4.3% on an annual basis.

When car sales are excluded, retail sales were up1.5% on a monthly basis and by 4.7% on a yearly basis - the highest rate of growth in three months.

Today's CSO figures show that sales of hardware, paints and glass rose by 8.9% while sales of books, newspapers and stationary increased by 4.3%.

However, furniture and lighting sales were down 4.7% while bar sales fell 2.9% on a monthly basis.

Commenting on today's figures, Merrion economist Alan McQuaid said that retail sales remain erratic on a monthly basis and are still swinging back and forth, but the underlying trend is positive. 

The economist said whatever happens on the currency and Brexit fronts will be important factors in determining the spending patterns of some consumers over the next 12 to 18 months.

"But we are still expecting to see healthy personal consumption in the Irish economy over the remainder of this year at least and probably in 2019 as well as things currently stand," he added.