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Retail sales up 2.9%

Better sales: Retail sales in August were up 2.9 per cent in value compared with a year ago

Retail sales in August increased 2.9 per cent above the $91.4 million recorded in the same month a year ago.

During the past year retails sales have improved every month apart from May, when they fell in volume and value.

In August, five of the seven sectors experienced increases in sales revenue. Building materials stores registered the largest rise in sales receipts of 17.5 per cent, due to greater demand for increased inventory for large projects and renovations.

Motor vehicle stores recorded the largest loss in sales of 2.2 per cent, as the number of vehicles sold decreased by 1.6 per cent.

Returning residents declared overseas purchases valued at $6.4 million, which was 4.5 per cent lower than August 2015. This contributed to a combined local and overseas spending of $100.5 million.

After adjusting for the annual retail sales rate of inflation, measured at 0.7 per cent in August, the volume of retail sales increased 2.3 per cent.

The August retail sales volume index was 99.7, compared with 97.5 a year ago.

The figures were released by the Bermuda Government’s Department of Statistics.