February 2016: Retail Sales Increase By 7.2%
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:
“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]:
Great news! Onwards and upwards.
Say what you want to say, but “facts” speak for themselves…
Well this has been very good news
I’m sure Burt and Walton will be quick to run to the press to say how good these numbers are.
Comments from the usual plp talking heads are welcome at this time????
Sure- About time. Now I’d be encouraged to see some trending. Oh and those 2000 plus jobs.
Can’t wait for next months figures.
Protein shake sales were through the roof!
only because of the new ac residents.
seen their new bmw’s ?
What’s your point? An increase is an increase – take it while it’s available.
Thank you OBA!
“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.
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!