The value of retail sales fell by 0.1 per cent in the 12 months to July 2003, according to data released today by the Central Statistics Office.
The latest statistics show a larger slowdown in the monthly rate of consumer spending with retail spending falling by 1.8 per cent since June.
Stripping out the impact of motor trade sales, which many economists say gives a more balanced picture of consumption, underlying retail spending rose by just 0.5 per cent
Month on month, the figures fell by 3.1 per cent.
The value of retail sales increased by 2.1 per cent in July 2003 compared to July 2002 and decreased by 1.4 per cent in the month.
Once motor trades are excluded however, the annual increase was 3.1 per cent and the monthly change was down 2.5 per cent.
On a three-month basis, which gives a more stable indication of recent underlying trends, May 2003 to July 2003 volume figures show a 0.7 per cent decrease compared with the three months ending April 2003.
