Retail sales in Ireland

Retail sales measure the turnover of retail trade establishments in Ireland, food included. Published by the Central Statistics Office (CSO), they are one of the most closely watched gauges of private household consumption.

They are compiled from a survey of retail businesses on their turnover, used to build an index against a base year. They are released in value and volume (deflated) terms, seasonally adjusted, with monthly and annual changes.

They provide an early read on private consumption, a key component of GDP, and inform the ECB's monetary policy, which sets rates for Ireland. For Ireland the ex-motor-trades index, which is less distorted, is worth watching.

It is a volatile indicator, sensitive to seasonality, promotions and calendar effects. Preliminary figures are revised, and motor-trade sales can distort the headline from month to month.