Retail Sales Decrease 0.4% In October 2018
After adjusting for the retail sales rate of inflation – measured at 2.3% in October – the overall volume of retail sales decreased 0.4%, according to the recently released Retail Sales Index.
“Three of the seven retail sectors recorded declines in sales volume with apparel stores recording the largest volume decrease of 7.8%. In contrast, retailers of building material stores recorded the largest increase in sales volume of 9.1%,” the report said.
“In value terms, retail sales increased 1.9% to an estimated $94.4 million. Returning residents declared overseas purchases valued at $5.4 million, which was 5.9% higher than October 2017. This contributed to a combined local and overseas spending of $99.8 million.”
Chart extracted from the report:
Minister for the Cabinet Office Walton Brown said, “The value of retail sales increased by 1.9% after seven consecutive months of decline.
“The growth in the value of retail sales is partially due to the return to more normal levels following the large increases in sales related to the America’s Cup in June 2017.
“As the year progressed, the positive effect of the America’s Cup diminished as most individuals and organisations connected with that event had left the island by October 2017. Therefore, when October 2017 is compared to October 2018, the 2017 numbers are not inflated due to the one-off event.”
“Although three of the seven retail sectors recorded declines in sales volume, sales of building materials, food sales, sales at pharmacies and sales of boat supplies all recorded positive growth.”
The full 2018 October Retail Sales Index is below [PDF here]:
Minister Brown forgot to put this into his BRAGGING news conference!
that press conference was an embarrassment
Walton, where are you? Jamahl, how are you going to spin this one (for $150K a year, it better be good.)
Typical and expected spin by Walton Brown. He says after 7 months decline retail sales increased. He says they increased 1.9%. No they didn’t! The Report says they declined 0.4%. They have continued to decrease when adjusted for inflation. Bermuda is in a recession. The continued lies and about turns coming from the PLP does nothing to encourage jobs and economic expansion. They are a disgrace and do a great disservice to Bermudians.
*Bermuda is in a recession.* (again)
A recession due to the simple fact that the PLP are back in.
Don’t take my word for it , ask any investment (money) managers or someone in the real estate business.
Retail sales fell in October & every month for at least the 6 months prior & Brown would like to have the easily fooled believe that everything is on the up & up would he.
He must have gone to a different math class than some of the rest of us.
Retail sales go down 0.4% in a month and he thinks it’s a great achievement. Because in his world of privilege, protected as he is from any effects of inflation, he thinks inflation is irrelevant. It doesn’t affect him whatsoever.
So he ignores the 2.3% inflation and counts the 1.9% increase as somehow being good news.
Because inflation only affects ordinary people, who have ordinary jobs where our salaries and pensions aren’t inflation-protected. He can’t see that, of course. That’s why he completely ignores inflation.
Still, all this “good news” should mean there is no need for taxes to go up next week.
PLP are definitely driving this ship…
HMS titanic.
Jamahl: “So you put bread into a toaster, and then toast comes out. So what happens to the bread, exactly? Huh? Where does it go?”
So is anyone surprised that in the month that the sugar tax went into effect the retail inflation, especially food, goes up.
While this drop does suggest less money in the economy, there is also the ‘rip off Bermuda’ aspect.
Accounting for shipping and duty and the high cost of living/employment here, it simply does not translate to the very high cost of goods in supermarkets and other stores.
Swizzle maker is busy traveling the globe on taxpayers dollars , spend spend spend
Tick tock tick tock