Retail Sales Decreased 3.4% In August 2023

January 20, 2024 | 0 Comments

After adjusting for the retail sales rate of inflation, measured at 3.9% in August, the overall volume of retail sales index decreased 3.4% when compared to August 2022, according to the recently released August 2023 Retail Sales Index.

A Government spokesperson said, “The Ministry of Economy and Labour released the August 2023 Retail Sales Index publication.

“August’s volume of retail sales decreased 3.4 per cent compared to last year. In value terms, retail sales increased to an estimated $100.0 million, which represented a 0.4 per cent rise in sales value year-to-year.

Chart extracted from the report:

Retail Sales Index Bermuda August 2023

“Six of the seven sectors recorded year-over-year volume index decreases in August 2023:

  • The sales volume for Food Stores fell 1.5 per cent.
  • The Liquor Stores’ sales volume fell 1.9 per cent.
  • Motor Vehicle Stores’ sales volume fell 20.2 per cent.
  • The sales volume for Building Material Stores decreased 7.9 per cent.
  • The sales volume at Apparel Stores declined 4.3 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 7.5 per cent decrease in sales volume.

“The following sector had an increase in sales volume compared to the previous year:

  • Service Stations’ sales volume increased 2.9 per cent.

“Selected overseas declarations decreased 19.2 per cent compared to August 2022.”

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

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