Retail Sales Decreased 4.1% In April 2023

August 22, 2023 | 6 Comments

After adjusting for the retail sales rate of inflation – measured at 5.4% in April – the overall volume of retail sales index decreased 4.1% when compared to April 2022, according to the recently released Retail Sales Index.

A Government spokesperson said, “Today, the Ministry of Economy and Labour released the April 2023 Retail Sales Index. April’s volume of retail sales index decreased 4.1 per cent compared to last year. In value terms, retail sales increased to an estimated $98.3 million.

Chart extracted from the report:

Retail Sales Index Bermuda April 2023_

“Four of the seven sectors recorded year-over-year volume sales index decreases in April 2023 as follows:

  • 1. The sales volume for Food Stores fell 7.8 per cent. The sales volume for this sector was 12.1 per cent below April 2019 pre-pandemic sales level.
  • 2. The Liquor Stores’ sales volume fell 6.2 per cent and was 5.1 per cent lower than in April 2019.
  • 3. The sales volume for Motor Vehicle Stores fell 31.9 per cent. Motor Vehicle sales volume decreased 10.3 per cent compared to April 2019.
  • 4. The sales volume for Building Material Stores decreased 9.4 per cent. The sales volume for this sector was 26.5 per cent above the April 2019 sales volume level.

“The following sectors experienced an increase in sales volume compared to the previous year:

  • 5. Service Stations’ sales volume increased 1.1 per cent. The sales level was 9.0 per cent below the pre-pandemic sales volume of April 2019.
  • 6. The sales volume at Apparel Stores rose 11.1 per cent and was 24.0 per cent below April 2019.
  • 7. In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 1.3 per cent increase in sales volume. The sales volume for this sector was 11.4 per cent below the index as of April 2019.

“Selected overseas declarations increased 2.2 per cent compared to April 2022 and were 51.1 per cent higher when compared to April 2019.”

The full April 2023 Retail Sales Index publication follows below [PDF here]:

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Comments (6)

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  1. Joe Bloggs says:

    “Retail Sales Decreased 4.1% In April 2023″

    Hopefully our Minister for the Economy etc. will explain why that is.

  2. Ringmaster says:

    Yet the other week, Hayward was boasting about how well the economy is doing.

    • Joe Bloggs says:

      Our economy is doing fantastically well! Our inflation rate is only 4.1%. Inflation in Canada, the U.S. and U.K. is nearly double that.

      Somehow the PLP Government has got prices actually drop once goods leave Port Elizabeth N.J. heading for Bermuda.

  3. Guy Carri says:

    The taxis and fisherman can get breaks on their payroll tax, the restaurants get import duty relief, don’t pay PRT on the grats and get to use them to offset the minimum wage.

    What does Retail get?

    • Joe Bloggs says:

      Retail on Court Street gets EEZ benefits. Retail on Front Street gets the shaft.

    • Booboosnugglepuff says:

      Don’t forget that commercial fishermen also get a rebate on their fuel. Quite a considerable amount too.

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