Retail Sales Increase By In 2.1% In March 2015
The total retail sales index was 2.1% higher than the level reached in March 2014. Motor vehicle stores recorded the largest growth in sales, increasing 26.4%. In contrast, retail sales of fuel at service stations registered the largest decrease of 7.1%.
Returning residents declared overseas purchases valued at $3.7 million, 5.7% more than the level recorded in March 2014. This contributed to a combined local and overseas spending of $88.0 million.
After adjusting for the annual retail sales rate of inflation, measured at negative 0.3% in March, the volume of retail sales increased by 2.4%.
The full 2015 March Retail Sales Index is below [PDF here]:
If not mistaken, wouldn’t this be a positive sign of our economy making a come back?
not to people that do not want to believe it–or find the information to go aganist their fabricated reality….
I’ll believe it when you can get more than .006% on your savings account and not be charged for the account .
Hey Ray, Should we credit OBA for this?
Where are the people telling us “this was all put in place by the PLP”?
I thought this should answer your questions Jus’ Askin’
“4 months of growth with inflation taken into account. 3 positive of months growth from last months report hadn’t occurred for 7 years. Four straight months? I will have to go and check. Basically more money is flowing throughout the local economy. Not everyone will have felt it yet though. This is a very positive indicator of things to come.”
End of quote – (Lois Frederick)
4 months of growth with inflation taken into account. 3 positive of months growth from last months report hadn’t occurred for 7 years. Four straight months? I will have to go and check. Basically more money is flowing throughout the local economy. Not everyone will have felt it yet though. This is a very positive indicator of things to come.
So retail sales have increased in real terms every month for eight straight months.
On the face of it, yes, but are we in deflation?: “After adjusting for the annual retail sales rate of inflation, measured at negative 0.3% in March, the volume of retail sales increased by 2.4%.”
moderate disinflation…largely due to the price of oil most likely.
i.e. still inflation, but at a 0.3% lower rate. So if Inflation was 2.4%, then now would be 2.1%…. disinflation.
Deflation is a bit of a scary beast, this isn’t a scary beast.
We had stagflation under the PLP… that was a scary beast.
Use common sense Jeremy. Do you think prices generally are going down, or that it’s oil-price related? What would be your guess?
Still, anything to scratch around and try to portray a positive as a negative.
Eight strait months of retail sales growth.
How is spending up, and employment down, ie less people working more spending, who is doing the spending certainly not unemployed Bermudian
remember that Peoples campaign thing in working hours….only 12 showed.
Employment is probably up. We’ll have to wait for those numbers.
The misleading issue that worries me is that this retail index includes all spending, both local and overseas. Therefore the 2.1% includes the 5.7% increase in overseas spending. An increase in overseas spending is beneficial to Bermuda in that it increases duty revenue, but obviously doesn’t help our intermediaries (retailers whom themselves are purchasing their goods overseas). It is of course a two edged sword as the government earns more revenue from private individuals importing goods due to the higher duty rates and the lack of taxes levied on companies (corporation tax, dividend taxes etc). However on the flip side the private importation model means less employment opportunities and therefore less economic stimulus.
Also, when considering the startling increase in vehicle sales (which seems odd), the Bermuda retailers are clearly continuing to see a significant decline. This has to be a wake up call for them and they must adapt their business models to stay relevant.