47.5% increase in goods vehicles sold indicates business is on the up – Griffin

“The latest CSO figures show that the number of new goods vehicles licensed in January 2015 was up by 47.5% from January 2014. New businesses are investing in vehicles and existing businesses are showing confidence by upgrading. This is a very good indicator of the strength of the economy”, says Brendan Griffin.

“The total number of new vehicles licensed during January 2015 was 23,152 compared with 18,328 during the same month in 2014 – an increase of 26.3%, while the number of new private cars licensed for the first time increased by 25.9% in January 2015.

“In Budget 2015, the Government chose to help protect the recovery in the motor sales industry by not increasing VRT, motor tax and fuel taxes. These measures have been successful in maintaining the flow of revenue from new vehicle sales which allows the Government to fund additional Gardaí, to support new teachers and to be able to reduce taxes and remove more people from USC.

“The high number of sales sustains and creates jobs in the motor industry and will help to build a modern and a safer fleet of vehicles on Irish roads.

“Retail Ireland estimates that consumer spending will rise by 2.7% in 2015, more than double the 1.3% growth in 2014. Retailers are saying that a definite turning point has been reached and that the pace of recovery will increase in 2015.

“Motor sales, both private and commercial, are a key indicator of consumer confidence. For many years motorists did not have the means or the confidence to upgrade their vehicles and the fact that this sentiment is returning is extremely good news.

“Further growth in the economy is needed to spread the recovery to all regions and to ensure that everyone worker feels the benefit of economic growth. The Government has committed to creating an additional 40,000 jobs in 2015 and to reaching full employment by 2018, two years ahead of schedule.”