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Retail sales climb 2.3%

Retail sales improved by $2.1 million in April, year on year, according to the latest figures from the Department of Statistics.

Retail sales increased 2.3 per cent in value in April, just over $2 million higher than the same month a year ago.

Total retail sales were estimated at $94.8 million. The volume of retail sales was up 1.4 per cent year-on-year.

Five of the seven sectors experienced increases in sales revenue with service stations recording the largest increase in sales receipts of 9.9 per cent. This was attributed to a 7.2 per cent hike in fuel. The volume of fuel sold, after adjusting for inflation, slipped 0.4 per cent.

In contrast, retailers of motor vehicles registered the largest decline in sales of 21.7 per cent.

Apparel stores had a 3.6 per cent increase, which was attributed to a boost from sales.

Returning residents declared overseas purchases valued at $4.8 million, 2.1 per cent higher than the same month in 2016. This contributed to a combined local and overseas spending of $99.6 million.

After adjusting for the annual retail sales rate of inflation, measured at 0.8 per cent in April, the volume of retail sales increased 1.4 per cent.

Excluding Sundays, there were 24 shopping days during the month, two less than in April 2016.

The retail sales value index for April was 101.6, compared to 99.3 a year ago. The data was released by the Bermuda Government’s Department of Statistics.

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