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Retail sales rise for fourth month in five

Uptick: Retail sales rose for the fourth time in five months in May

Retail sales rose by 1.8 percent in May — the fourth increase in the first five months of this year.

Takings increased by $1.5 million above the $85.9 million recorded in May 2013, according to figures released by the Department of Statistics today. After inflation was taken into account, sales volume increased by 0.2 percent.

All retail sectors experienced increases with the exception of building material stores and service stations. Motor vehicle retailers registered the

largest increase in sales of 31.3 percent.

Steady declines in the cost of motor vehicles attributed to the fifth consecutive month of double-digit increases in sales. During the month, the volume of cars sold increased while the volume of motorcycles sold decreased, the report stated.

Building material stores recorded the strongest decline of 17 percent, reflecting a slowdown in construction activity.

Receipts from food sales marginally increased 0.8 percent when compared to May 2013. In addition, sales revenue for liquor stores was 5.2 percent higher during the month. The increase in sales was partly attributed to the rise in food and liquor prices of 2.8 percent and 2.1 percent, respectively.

Residents returning to the Island declared overseas purchases valued at $5 million during May 2014. This contributed to a combined local and overseas spending total of $92.4 million.

There were 26 shopping days during the month, the same as in May 2013.

May’s uptick in sales followed a 5.2 percent increase in March, or 3.5 percent after inflation was taken into account.