Retail Sales Decreased 4.8% In August 2022
After adjusting for the retail sales rate of inflation – measured at 5.8% in August – the overall volume of retail sales decreased 4.8% when compared to August 2021, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the August 2022 Retail Sales Index. August’s retail sales decreased 4.8 per cent compared to last year. In value terms, retail sales increased to an estimated $100.5 million. Compared to the pre-pandemic period of August 2019, volume sales were 0.8 per cent higher.
Chart extracted from the report:
“Five of the seven sectors recorded growth in August 2022.
“Motor Vehicle Stores’ sales volume declined 20.5 per cent as a result of a decreased number of vehicles being sold compared to the previous year. This sales level was 20.8 per cent above the sales volume in August 2019 prior to the pandemic.
“The sales volume at Food Stores fell 7.5 per cent, while Liquor Stores’ sales volume increased 2.3 per cent. Compared to the pre-pandemic sales volume in 2019, Food Stores registered a 6.9 per cent decrease, while sales for Liquor Stores were 0.2 per cent higher.
“In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 6.3 per cent decrease in the sales volume due to lower sales of boat and marine supplies. Sales for this sector registered 3.3 per cent above the pre-pandemic sales volume for the same period of 2019.
“Service Stations’ sales volume decreased 1.3 per cent from last year and was 4.4 per cent above the pre-pandemic sales in August 2019.
“The sales volume and value for Building Material Stores decreased 2.8 per cent and 1.3 per cent, respectively. The sales volume for this sector was 2.4 per cent above the 2019 sales level.
“The sales volume at Apparel Stores grew 0.7 per cent. This was due partially to increased inventory. However, the sales volume was 19.2 per cent below the pre-pandemic sales of 2019.
“Overseas declarations decreased 3.6 per cent compared to August 2021. Overseas declarations were 25.1 per cent higher when compared to the pre-pandemic period.”
The full August 2022 Retail Sales Index publication follows below [PDF here]:
Bermuda now in stagflation – reduced economic activity and rising prices. Worse than recession, and seems no one in Government has any idea how to handle this or cares. Clearly stupidly think talk of independence to distract will be the cure all.
The gov has no clue how to move Bda forward.
No
Clue
Been saying this for ages..no idea, no clue, witless, incompetent, greedy, devoid of talent…..need I go on. 30-6!
Forward!! Its going backwards!! On fast rewind!,
Nearly 5% lower than August 2021, when we were still in partial lockdown.
Does Burt even care?
He’s “deer in the headlights” at this point – no idea. .