Retail Sales Decreased 2.3% In December 2023
After adjusting for the retail sales rate of inflation – measured at 2.3% in December – the overall volume of retail sales index decreased 2.3% when compared to December 2022, according to the recently released Retail Sales Index.
A Government spokesperson said, “The Ministry of Economy and Labour released the December 2023 Retail Sales Index publication.
Chart extracted from the report:
“December’s volume of retail sales index decreased by 2.3 per cent compared to last year. In value terms, retail sales remained unchanged at an estimated $118.9 million.
“Five of the seven sectors recorded year-over-year volume index decreases in December 2023:
- The sales volume for Food Stores fell 0.2 per cent.
- The Liquor Stores’ sales volume fell 0.8 per cent.
- The sales volume for Building Material Stores decreased 3.0 per cent.
- The sales volume at Apparel Stores decreased 6.1 per cent.
- The sales volume in the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals, and tourist-related goods] decreased by 6.0 per cent.
“The following sectors had an increase in sales volume compared to the previous year:
- Motor Vehicle Stores’ sales volume increased 3.3 per cent.
- Service Stations’ sales volume grew 3.8 per cent.
“Selected overseas declarations decreased 3.3 per cent compared to December 2022.”
The full December 2023 Retail Sales Index publication follows below [PDF here]:
