Vol. 422 No. 4
52 Mr. Kavanagh asked the Minister for Finance if his attention has been drawn to the very small growth in retail sales as outlined in a recent publication (details supplied); if he will outline his views on the implications this may have for growth and buoyancy within the domestic indigenous economy; and if he will make a statement on the matter.
I am aware of the modest growth between 1980 and 1991 in non-garage retail sales as measured by the retail sales index, referred to in the publication concerned.
In an economy as open as Ireland's, economic growth in the longer run depends essentially on the performance of the internationally traded sectors. In Irish circumstances growth in the retail and other sheltered sectors of the economy, in the longer run, is a function of success in internationally-traded sectors rather than a determinant of economic growth.
The House will be aware that growth in non-garage retail sales, which had fallen off during the earlier years of the last decade, recovered appreciably as economic growth strengthened in recent years.
