Retail sales and lending figures released yesterday provided further evidence that the rapid pace of economic expansion in recent years has given way to slower, steadier growth.

According to provisional figures released by the Central Statistics Office (CSO), retail sales picked up slightly in April but were well down on the breakneck growth seen last year. The value of retail sales rose by a seasonally-adjusted 4.6 per cent in April, up on the 4.1 per cent recorded in March but well below the peak of 22.1 per cent seen in May last year.

Depressing the overall figure was the motor trades sector. If car sales - which are well down on the bumper levels enjoyed in 2000 when buyers queued up to get a Millennium registration - are excluded, sales rose by a more buoyant 11 per cent.

When measured by volume, sales were up by 1.5 per cent in April but again, if cars are excluded, the increase was 6.5 per cent. On a three-month basis, which gives a more stable indication of recent underlying trends, sales volumes between February and April rose by 1.3 per cent compared with the previous three months.