February 2016: Retail Sales Increase By 7.2%

April 20, 2016

Retail sales in February 2016 increased 7.2% above the 79.2 million recorded in February 2015 — and when adjusted for the annual retail sales rate of inflation, measured at 1.3% in February, the volume of retail sales increased 5.8% — according to the recently released Retail Sales Index.

“Each of the seven sectors experienced increases in sales revenue. Motor vehicle retailers registered the largest gain in sales receipts of 23.2%. Apparel stores recorded the smallest increase in sales of 1.6%” the report said.

Chart extracted from the report:

February 2016 Retail Sales publication-figure 1

“Returning residents declared overseas purchases valued at $3.2 million, which was 6.7% higher than February 2015. This contributed to a combined local and overseas spending of $88.1 million.

“After adjusting for the annual retail sales rate of inflation, measured at 1.3% in February, the volume of retail sales increased 5.8%. Excluding Sundays, there were 25 shopping days during the month, one more than February 2015.

“Retail sales of motor vehicles were 23.2% higher than the level reached during February 2015. The number of vehicles sold increased 25.4%.

“During February 2016, sales receipts for service stations rose 10.5%. The rise in revenue was due mostly to an 11.4% increase in the volume of fuel sold.

“Receipts from the sale of building materials increased 2.8% year-over-year. The rise in sales was linked to several large purchases related to on-going projects.”

The full 2016 February Retail Sales Index is below [PDF here]:

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Comments (12)

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  1. Jus' Askin' says:

    :-D

  2. NCM says:

    Great news! Onwards and upwards.

  3. Say what you want to say, but “facts” speak for themselves…

  4. hmmm says:

    Well this has been very good news

  5. serengeti says:

    I’m sure Burt and Walton will be quick to run to the press to say how good these numbers are.

  6. Kangoocar says:

    Comments from the usual plp talking heads are welcome at this time????

    • Mixitup says:

      Sure- About time. Now I’d be encouraged to see some trending. Oh and those 2000 plus jobs.

  7. Strike fund says:

    Can’t wait for next months figures.

    Protein shake sales were through the roof!

  8. hISTORY says:

    only because of the new ac residents.

    seen their new bmw’s ?

    • Nanny Pat says:

      What’s your point? An increase is an increase – take it while it’s available.
      Thank you OBA!

    • Double S says:

      “Each of the seven sectors experienced increases in sales revenue”

      But either way I am glad some are finally seeing the benefits that the AC brings to the Bermuda economy.

  9. truth says:

    Glad to see the progressive U-turn with our economy. While the OBA don’t and can’t be expected to get everything right, they are doing a great job in reversing the scary direction the PLP had the island going economically!

    The AC event is for sure bringing a benefit, with the sailors, support crew, family all contributing to the local economy. Lets hope for more positive growth and further rebuilding of the economy!