Retail Sales Decreased 0.2% In May 2023
After adjusting for the retail sales rate of inflation – measured at 5.1% in May – the overall volume of retail sales index decreased 0.2% when compared to May 2022, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the May 2023 Retail Sales Index publication. May’s retail sales volume decreased 0.2 per cent compared to last year. In value terms, retail sales increased to an estimated $107.5 million.
Chart extracted from the report:
“Six of the seven sectors recorded year-over-year volume decreases in May 2023.
- The sales volume for Food Stores fell 3.9 per cent.
- The Liquor Stores’ sales volume fell 8.3 per cent.
- Service Stations’ sales volume decreased 2.5 per cent.
- The sales volume for Building Material Stores decreased 4.1 per cent.
- The sales volume at Apparel Stores dropped 3.5 per cent.
- In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 1.6 per cent decrease in sales volume.
“The following sector had an increase in sales volume compared to the previous year:
- Motor Vehicle Stores’ sales volume grew 16.0 per cent.
“Selected overseas declarations decreased 5.0 per cent compared to May 2022.”
The full May 2023 Retail Sales Index publication follows below [PDF here]:
“the retail sales rate of inflation – measured at 5.1% in May”
Excellent news! Our retail sales rate of inflation is still a good 2% below that of the U.S., the U.K. and Canada.
“The sales volume for Food Stores fell 3.9 per cent.
The Liquor Stores’ sales volume fell 8.3 per cent.”
There’s no better proof of the massive exodus of residents than a decrease in food and alcohol sales.