Retail Sales Increased 3.0% In July 2023
After adjusting for the retail sales rate of inflation, measured at 4.4% in July, the overall volume of retail sales index increased 3.0% when compared to July 2022, according to the recently released Retail Sales Index.
A Government spokesperson said, “July’s retail sales volume increased 3.0% compared to last year. In value terms, retail sales increased to an estimated $113.7 million, which represented a 7.5% rise in sales value year-to-year.
Chart extracted from the report:
“Five of the seven sectors recorded year-over-year volume index increases in July 2023:
- Motor Vehicle Stores’ sales volume grew 18.3%.
- Service Stations’ sales volume increased 2.3%.
- The sales volume for Building Material Stores increased 43.8%.
- The sales volume at Apparel Stores rose 2.2%.
- In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 1.5% increase in sales volume.
“The following sectors had decreases in sales volume compared to the previous year:
- The sales volume for Food Stores fell 2.7%.
- The Liquor Stores’ sales volume fell 14.1%.
“Selected overseas declarations increased 13.9% compared to July 2022.
“The public can review the July 2023 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.”
The full July 2023 Retail Sales Index publication follows below [PDF here]:
Good stuff! Hopefully the successive months look as good.
So we’re buying significantly less than we were five years ago, but we’re paying much more for it. Got it.
Motor vehicle sales would have increased as there was a shortage following COVID. Back that out and retail sales would have been down. Inflation at 2.3% is an absolute lie. Back the true number out and it will not be pretty reading.
Why can’t these PLP politicians tell us the truth. Am sick of the lies.
Hayward said economic growth is happening compared to 2019, according to the PLP produced numbers it is not
We are down 6.4 percentage points on 2019, that is shrinking, not growing.
Bermuda Airconditioning just laid off 19 people because of the stagnant economy. Minister Hayward knows that. Why isn’t that conflict of economic opinion addressed?
What is strange is that we are buying a little bit less than in 2021. A COVID year. That is not good news even before stripping out the statistics manipulation.
All you need to do is look at FOOD and LIQUOR sales to know that there are significantly fewer people living here.
There is nothing to celebrate here.