[Updated] Retail sales in July 2012 rose 6.2% or $5.5 million above the $89.8 million recorded in July 2011, with motor vehicle retailers experiencing the largest increase at 64.2%.
Residents returning to the Island declared overseas purchases of goods valued at $5.2 million during July 2012, 1.9% or $100,000 less than the $5.3 million declared in July 2011. Combined local and overseas spending totalled $100.5 million. After adjusting for the annual retail sales rate of inflation, measured at 2.7% in July 2012, the volume of retail sales increased by 4.3%.
Retail sales of motor vehicles jumped 64.2% in July 2012, the first increase since March 2010. The number of cars and motorcycles sold rose by 39 units and 58 units, respectively. Consumer demand strengthened in all retail sectors with the exception of Service Stations.
The full report courtesy of the Department of Statistics is below [PDF here]:
Update 4.29pm: In response to the report that retail sales rose 6.2% in July, Neville Tyrrell, PLP Candidate for Devonshire East noted, “While the global economic crisis continues to ravage Bermuda, there are certainly some lights at the end of the tunnel.
“Over the last two weeks, a major reinsurer announced it was closing its Dublin office and opening up shop in Bermuda. This move will bring with it both expat employees and create job opportunities for Bermudians.
“Then, an 8,000 square foot furnishings store – a collaboration between ESC Limited and Orange Bay – opened its doors creating jobs and opportunities for Bermudians. The move is a vote of confidence in Bermuda’s economy.
“Now, it’s been reported that retail sales are up 6.2% in July. While it’s clear that we’re not out of the wilderness yet, news like this is indeed encouraging,” concluded Mr. Tyrrell.
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