Retail sales dip increases poor economic outlook

Bermuda’s economy registering decreases in a number of areas.

HAMILTON, Bermuda, Friday February 17, 2012 – Official reports indicate that the country is seeing decreases in retail sales across the board.

According to the Department of Statistics, local retail sales were $30 million less than in 2010, with only five of the seven sectors showing an increase.

Vehicle sales were down a whopping 34 per cent, while sales volumes in December were down 3.9 per cent, marking the 44th straight month of declines.

Figures also indicate that residents returning to Bermuda declared $6.1 million of goods, a decrease of 23.8 per cent over the December 2010 figure. In addition, declared overseas spending showed a huge drop for the second month with the number of declared goods dropping by 25.3 per cent in November and 23.8 per cent in December. This was attributed to the new 35 per cent duty at the airport that is now in effect.

Meawnhile, building material sales are showing the first sign of growth since 2006, increasing by approximately 26.7 per cent.

Food and liquor stores benefitted from two additional shopping days in December 2011, resulting in food store receipts increasing by 2.7 per cent and liquor sales by 4.7 per cent.

Gas stations too recorded a 1.6 per cent increase, but this was mainly attributed to an 8.2 per cent in the cost of gas. Click here to receive free news bulletins via email from Caribbean360. (View sample)