Retail Sales Increased 0.1% In November 2022

February 28, 2023 | 0 Comments

After adjusting for the retail sales rate of inflation – measured at 6.1% in November – the overall volume of retail sales increased 0.1% when compared to November 2021, according to the recently released Retail Sales Index.

A Government spokesperson said, “Today, the Ministry of Economy and Labour released the November 2022 Retail Sales Index.

“November’s retail sales volume increased 0.1 per cent compared to last year. In value terms, retail sales rose to an estimated $98.0 million.

“Four of the seven sectors recorded volume increases in November 2022.

Chart extracted from the report:

November 2022 RSI Report Figure 1 Chart

“Motor Vehicle Stores’ sales volume increased 5.6 per cent due to a higher volume of automobile sales than the previous year. This sales level was 5.5 per cent above the sales volume in November 2019 before the pandemic.

“The sales volume for Building Material Stores increased 1.3 per cent. The sales volume for this sector was 6.5 per cent below the 2019 sales level.

“Service Stations’ sales volume increased 0.5 per cent from last year and was 6.0 per cent above the pre-pandemic sales in November 2019.

“The sales volume for Food Stores declined 6.3 per cent, while Liquor Stores’ sales volume increased 3.2 per cent. Compared to the pre-pandemic sales volume in 2019, Food Stores registered an 8.3 per cent decrease, while sales for Liquor Stores were 14.8 per cent higher.

“The following sectors experienced decreases in sales volume compared to the previous year.

“The sales volume at Apparel Stores fell 1.7 per cent. However, the sales volume was 33.4 per cent below the pre-pandemic sales of 2019.

“In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 2.2 per cent decrease in sales volume. Sales for this sector registered 11.7 per cent below the pre-pandemic sales volume for the same period in 2019.

“Overseas declarations increased 30.4 per cent compared to November 2021 and were 44.1 per cent higher than in the pre-pandemic period.”

The November 2022 Retail Sales Index publication follows below [PDF here]:

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