Retail Sales Index falls 1.2 per cent in April

Bermuda’s economic slump continues as the Retail Sales Index fell 1.2 per cent in April. When adjusted for inflation, the volume of sales fell 3.9 per cent.

Overseas purchases declared by returning residents also fell 10 per cent.

The Retail Sales Index was released by the Department of Statistics on Thursday. In it, they report sales activity fell in all sectors except food stores and motor vehicles.

Food Stores were up 2.5 per cent thanks to the fact that food prices rose 3.6 per cent. Liquor stores sales revenue declined 9.8 per cent despite there being a 1.5 per cent rise in prices.

Motor vehicle sales were up 4.4 per cent.

Building material stores saw sales plummet 20.6 per cent. The Retail Sales Index number of 53.7 for this sector for April was less than half of the figure for April 2008.

For the third consecutive month sales revenue for apparel stores were down, this time by 2.8 per cent.

The Service Stations sector saw a decline in receipts by 2.7 per cent, mainly due to a 2.5 per cent price drop in fuel.

Tourist related stores saw a drop in sales revenue by 18.2 per cent.