June 2015: Retail Sales Index Increases By 7.1%
The total retail sales index was 7.1% higher than the level reached in June 2014, and after adjusting for the annual retail sales rate of inflation, measured at 1.7% in June, the volume of retail sales increased 5.3%.
The report said that all retail sectors recorded growth in sales with motor vehicle retailers registering the largest increase of 36.7%. Returning residents declared overseas purchases valued at $4.3 million, the same as in June 2014.
Responding to the Retail Sales Index, an OBA spokesperson said, “The June 2015 Retail Sales Index [RSI] has recorded an impressive 7.1% increase over June of 2014. When adjusted for inflation, RSI increased 5.3%. This is the 11th straight month the RSI has increased with all sectors recording growth following six years of steady decline.
“Vehicle sales again recorded strong growth, increasing 36.7% compared to the same month last year. This follows an increase of 51.1% in this sector in April. This is an important economic indicator as vehicle purchases are an expensive investment which shows confidence in the economy going forward.
“Highly encouraging is the 12.6% increase in construction supplies – the sixth consecutive monthly increase — which is linked to residential projects. This is supported by local realtors who have reported a marked uptick in demand for all properties — single family homes, duplexes, multiple family dwellings, land, commercial property and condos.
“The continued and strengthening upward trend in the RSI is a welcome indication that our economy is growing, especially when viewed alongside the recent report that showed Gross Domestic Product [GDP] rising 3.7% in the first quarter of 2015 [2.1% when adjusted for inflation], and the recent Labour Force Survey that showed unemployment is down to 7% from 9%,
“While there remains some way to go in terms of growing the economy and more jobs for Bermudians, these figures indicate Bermuda economy is well on the road to recovery.
“The policies put in place by the OBA have taken time to root, but with foreign investment starting to return to our shores through hotel developments, international business growth and the America’s Cup, it is clear these policies are starting to bear fruit to the benefit of Bermudians across the Island.”
The full 2015 June Retail Sales Index is below [PDF here]:
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Just awaiting the negative responses from PLP,Union,BPSU,Peoples Campaign and certain contributors. to me it is small but good news.
Speaking of People’s Campaign, it has been a while since we’ve seen their monthly newsletter… I suppose they see it as if there is nothing negative to say it is not worth publishing one at all!
Very encouraging!
Bermuda needs good news to get us out of our collective “funk”.
This is a great incremenatal step and solid indicator.
Once the AC engine gets revved up–there will be more positive results.
Finally-.
Let’s make sure we nuture the greenshoots and not traple all over them!!
Have a Blessed Day!
Great News, (from a PLP supporter
)
Oh no! More good economic news, albeit modest, & it is all the OBA’s fault.
The PLP supporters are expecting far better performance at fixing the disaster that they created.
Wait a minute… this is good news? Oh, that must mean it comes about because of things put in place by the PLP in 2012. of course.
Wait fooor it…..
Dare I say, where are the jobs?
Retail sales are great but an increase in jobs is really what is needed.