Less Ads, More Data, More Tools Register for FREE

UPDATE 1-Irish retail sales up 3.5% year-on-year in June

Tue, 28th Jul 2020 13:05

(Adds detail, analyst quotes)

DUBLIN, July 28 (Reuters) - Irish retail sales rose 3.5%
year-on-year in June, the first annual increase since the
coronavirus lockdown, as pent-up demand led to large increases
in many categories, even as parts of the economy remained

The reopening of all retail in early June and restaurants at
the end of the month under one of Europe's most cautious plans
to return to economic normality led to a record 38.4%
month-on-month jump in sales volumes.

Annual car sales stabilised, with furniture sales up 25%,
hardware up 30% and electrical goods up 14%, data from the
Central Statistics Office showed on Tuesday.

With nightclubs and pubs that do not serve food remaining
closed until at least next month, bar sales were down 81%
year-on-year, while fuel volumes were 18% lower as most
employees continued to work from home.

"Given the declines in April and May, a 3.5% increase in
sales volumes is actually not a whole lot. With the amount of
savings built up, one would have thought the spending growth
could have been more than that," Goodbody Stockbrokers chief
economist Dermot O'Leary said.

"There is some pent-up demand there but it still indicates
some level of caution towards using those savings and an element
of consumers not being able to spend in certain retail outlets,
the most prominent being bars."

Retail sales in June were 3.1% higher than February, before
the crisis began, but were still down 21.8% year-on-year for the
second quarter as a whole, reflecting the collapse in April and

Real-time figures from daily debit/credit card spending to
mobility data suggests a further sharp recovery in economic
activity in early July followed by a more recent easing, Davy
Stockbrokers chief economist Conall MacCoille wrote in a note.

Ireland's economy was the fastest growing in Europe for most
of the last five years before the pandemic struck.
(Reporting by Padraic Halpin
Editing by Gareth Jones and Nick Macfie)

More News

UPDATE 1-IMF will explore options for re-allocating reserves to raise $100 bln for poor countries

(Adds quotes)WASHINGTON, June 13 (Reuters) - The International Monetary Fund on Sunday welcomed the Group of Seven's support for expanding the global lender's emergency reserves by $650 billion and said it would work with members on ways to provid...

Today 16:58

UPDATE 1-G7 leaders agreed to coordinate China approach much more closely - Canada PM Trudeau

(Releads with fresh quotes from Trudeau about China, background)June 13 (Reuters) - Group of Seven leaders on Sunday agreed to coordinate their response to the challenges posed by China "much much more closely", Canadian Prime Minister Justin Trud...

Today 16:52

UPDATE 1-Macron says we love sausage but let's not waste time on this

(Adds quotes)CARBIS BAY, France, June 13 (Reuters) - President Emmanuel Macron on Sunday said that France respects Britain's sovereignty but it is time to end rows over sausages and focus on more serious issues.Tensions between Britain and the Eu...

Today 16:30

UK records another 7,490 COVID cases, 8 deaths

CARBIS BAY, England, June 13 (Reuters) - The United Kingdom has recorded another 7,490 daily COVID-19 cases and the deaths of 8 people who tested positive for the virus within 28 days, official data shows.The 7,490 cases was down slightly from th...

Today 16:01

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.