Retail Sales Decreased 1.6% In Sept 2023

After adjusting for the retail sales rate of inflation, measured at 3.4% in September, the overall volume of retail sales index decreased 1.6% when compared to September 2022, according to the recently released September 2023 Retail Sales Index.

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

“September’s volume of retail sales decreased 1.6 per cent compared to last year. In value terms, retail sales increased to an estimated $99.5 million, which represented a 1.8 per cent rise in sales value year-to-year.

Chart extracted from the report:

“Five of the seven sectors recorded year-over-year volume index decreases in September 2023:

“The sales volume for Food Stores fell 0.5 per cent.

“The Liquor Stores’ sales volume fell 9.3 per cent.

“Motor Vehicle Stores’ sales volume fell 10.1 per cent.

“Service Stations’ sales volume declined 2.0 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 0.5 per cent decrease in sales volume.

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

• The sales volume for Building Material Stores increased 1.4 per cent.
• The sales volume at Apparel Stores increased 5.7 per cent.
• Selected overseas declarations decreased 10.5 per cent compared to September 2022.

“The public can review the September 2023 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.”

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

#BermudaGovernment #RetailSalesIndex

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