Retail sales fall 2.7%
Retail sales dropped 2.7 per cent to $80 million for February compared to the same month last year.
After adjustment for inflation, which stood at 2.1 per cent in February, the volume of retail sales fell by 4.6 per cent.
Four of the seven sectors checked in the Retail Sales Index showed decreases in sales revenue, with the motor trade experiencing the biggest fall for the third month in a row.
But building material stores notched up the largest gain in sales for the fourth consecutive month.
Receipts from the sale of building materials increased by 9 per cent year on year.
More building projects starting up helped boost sales receipts in the sector.
The real sales volume increase was 8.6 per cent after inflation was taken into account.
Returning residents declared $3.1 million in foreign-bought goods for the month, down 3.1 per cent on the previous February.
Sales receipts in the motors sector went down 19.1 per cent compared to the same period in 2016, attributed to a decline in sales volume.
Clothing stores saw an 11.6 per cent drop in sales revenue, up to 12.9 per when inflation is taken into account.
The all other store types sector weakened by 2.3 per cent, with “other miscellaneous sales” dropping 22.9 per cent due to fewer sales events and lower demand over the year.
Pharmacies saw a decline of 3.4 per cent, but receipts for marine and boat supplies jumped 35.7 per cent due to bigger sales figures for boats.
Receipts for furniture, appliances and electronics went up 2.7 per cent.
After factoring in inflation, the sales volume in the whole category saw a 3.2 per cent decrease.
Sales receipts for liquor went up by 2.6 per cent, but sales of food fell by 0.9 per cent.
The sales volume of food and liquor stores were 2.1 per cent and 1.8 per lower respectively.
But the value of fuel sales at service stations went up by 4.6 per cent, attributed to a 14.8 per cent increase in the price of fuel.
After adjusting for inflation, the sales volume of fuel went down by 8.9 per cent.