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Breaking News: February retail sales fall by nearly two percent

Royal Gazette Staff
Created: Apr 12, 2010 11:00 AM
Retail sales fell by nearly two percent in February, according to Government statistics released this morning.The retail sales index showed that consumers spent an estimated $75.5 million — $1.2 million less than the $76.7 million in retail sales recorded over the same month last year.Similarly, residents returning to the Island in February 2010 declared purchases valued at less than those who shopped overseas during the same period in 2009.

Local retail sales fell for the 14th consecutive month as consumers continued to tighten their purse strings in response to difficult economic conditions.

Figures released by Government today revealed that retail sales totalled an estimated $89.4 million in May — $3.5 million, or 3.8 percent, less than the same month last year.

Sales volume, which also takes into account the impact of inflation on prices, fell 5.5 percent, according to the Retail Sales Index.

Building materials stores suffered the steepest fall of any sector, with a sales dipping 21 percent in May, year on year, reflecting the slowdown in construction activity.

Overseas purchases declared by returning residents also plunged by 12.3 percent to $6.4 million.

Read more in tomorrow's Business section