April 2016: Retail Sales Increase By 2.3%
Retail sales in April 2016 increased 2.3% above the $90.1 million recorded in April 2015– and when adjusting for the annual retail sales rate of inflation, measured at 2.0% in April, the volume of retail sales increased 0.4%.— according to the recently released Retail Sales Index.
“Four of the seven sectors experienced increases in sales revenue. Building material retailers registered the largest gain in sales receipts of 15.1%. Motor vehicle stores recorded the largest decrease in sales of 3.8%.” the report said.
Chart extracted from the report:
“Returning residents declared overseas purchases valued at $4.7 million, which was 6.0% lower than April 2015. This contributed to a combined local and overseas spending of $96.9 million.
“After adjusting for the annual retail sales rate of inflation, measured at 2.0% in April, the volume of retail sales increased 0.4%. Excluding Sundays, there were 26 shopping days during the month, one more than April 2015.
“Receipts from the sale of building materials increased 15.1% year-over-year. The rise in sales was linked to increased demand for construction supplies related to building installation and finishing projects. When adjusted for inflation, the sales volume increased 12.8%.
“Receipts from liquor sales strengthened 7.0% while sales revenue for food stores increased 4.7% year-over-year. The sales volume of liquor stores increased 3.2%. Food store volume sales advanced 1.9% year-over-year.
“The value of fuel sales for service stations rose 4.4% while volume sales decreased 0.4. The rise in revenue was due mostly to the 4.9% increase in the cost of fuel.”
The full 2016 April Retail Sales Index is below [PDF here]:
