Retail Sales Decreased 1.2% In November 2023
The Ministry of Economy and Labour released the November 2023 Retail Sales Index publication, revealing a 1.2 percent decrease in retail sales volume compared to the previous year.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the November 2023 Retail Sales Index publication. November’s volume of retail sales decreased 1.2 percent compared to last year. In value terms, retail sales increased to an estimated $104.8 million, which represented a 1.5 percent increase in sales value year-to-year.
Chart extracted from the report:
“The main findings presented in the November 2023 Retail Sales Index publication. All highlights compare November 2023 to November 2022.
“Five sectors recorded year-over-year volume index decreases in November 2023:
- Food Stores fell 2.2 per cent, while its sales value increased 1.3 per cent.
- Liquor Stores fell 6.4 per cent, while its sales value decreased 3.2 per cent.
- Motor Vehicle Stores decreased by 14.1 per cent, and the sales value for this sector decreased by 12.9 per cent.
- Building Material decreased 6.0 per cent while its sale value decreased 4.9 per cent.
- Imports via courier decreased $0.5 million to $16.2 million. This decrease was attributed to the lower importations of articles of apparel and clothing accessories, not knitted or crocheted. Imports by households via sea increased $2.1 million to $10.4 million.
“The following sectors had an increase in sales volume compared to the previous year:
- Service Stations increased 1.2 per cent and 0.5 per cent, respectively.
- Apparel Stores grew 4.8 per cent. The value of Apparel Store sales increased by 3.2 per cent.
- The sales volume of All Other Stores Types increased 2.6 per cent. The value of sales for this sector increased 6.9 per cent.
- Overseas declarations increased 7.3 per cent compared to November 2022.
- Declarations at the airport by returning residents increased $0.5 million to $5.3 million. Imports via the Bermuda Post Office increased $0.1 million to $0.6 million.
“The public can review the November 2023 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.”
The full November 2023 Retail Sales Index publication follows below [PDF here]:
“A Government spokesperson said, “Today, the Ministry of Economy and Labour released the November 2023 Retail Sales Index publication.”
Why a Government spokesperson? Why not our Minister of Economy?
And why has last November’s volume of retail sales decreased 1.2 percent?
We are the throes of an economic disaster. Why isn’t the government talking about this and explaining it? Do they even care?
Because if the PLP Government even realised the state we are in, they could never admit it. We are in this position because of borrowing over the last 20 years. That cannot be blamed on the usual scapegoat.
Yep, I agree.
Minister only shows up when there is good news to report. That is why we rarely see him at these press conferences answering question anymore.
More of the same. Anyone surprised?