Retail Sales Increase By 2.4% In February 2015
In February 2015, retail sales were 2.4% higher than the level reached in February 2014, and after adjusting for the annual retail sales rate of inflation, measured at 0.3% in February, the volume of retail sales increased by 2%.
This is according to the latest Retail Sales Index, which said, “Motor vehicle stores recorded the largest growth in sales, increasing 18.1%. In contrast, retailers of service stations registered the largest decrease of 13.2%.
“Sales receipts for the all other store types sector weakened 1%. Gross receipts of tourist-related stores jumped 60.4% due mostly to jewellery sales. Pharmaceutical sales increased marginally by 0.8%.
“In contrast, sales for furniture, appliances and electronics declined 9.6 per cent while gross receipts earned by boat and marine suppliers dropped 27.1%. After adjusting for inflation, the sales volume for the all other store types category contracted 2%.
The full 2015 February Retail Sales Index is below [PDF here]:
so we have one sector that is skewing the figures. no doubt tho that this will be used to say the economy is recovering ….
Well, the last time Bermuda has seen three consecutive months of real growth, adjusted for inflation, was Nov 2006, Dec 2006 and Jan 2007. That’s 8 years ago! There are always anomalies in these monthly figures, however, there is a real trend here, not imagined.
Wow. Three consecutive months of real positive growth! That means adjusting for inflation it’s a growing economy. That hasn’t happened for years. This is a very good indication that things are really turning around here. Still miles to go, but this shows things are moving in the right direction.
THis is real growth? “Sales receipts for the all other store types sector weakened 1%.
“In contrast, sales for furniture, appliances and electronics declined 9.6 per cent while gross receipts earned by boat and marine suppliers dropped 27.1%. After adjusting for inflation, the sales volume for the all other store types category contracted 2%.
Point taken, but it is still the first time in 8 years this has happened. There will always be increases offset by decreases in these indexes and vis versa. The important thing to watch for is the trend. And the trend is good. If you look at the stats from say 5 years ago, the trend was nothing but down, every month. As of 2 years ago there were signs of growth then a reversal, a yo yo effect. This has now changed to 3 months of positive growth in a row. Not happened for 8 years. Is it the all perfect? No. Is it encouraging? Yes.