percent compared to the year before, according to statistics released by Government yesterday.

The total amount spent in shops on the Island for the month was $47.3 million, compared to $45.4 million in the same period the year before and $40.4 million in February 2001, according to the Retail Sales Index.

The total retail sales value rose by 4.3 percent year-over-year, but after adjusting for a rate of inflation of 2.8 percent during March, the total volume of retail sales increased by 1.5 percent compared to the previous year.

Shops catering mainly to tourists continued to see the volume of their sales fall, with gross sales falling well below the previous year's levels, the report said.

Residents returning from overseas for vacation and business trips during March declared goods worth $2.37 million -- a sharp increase of 13.9 percent.

Food and liquor stores posted modest increases in sales of 3.8 percent and 3.9 percent respectively.

The motor vehicle and service station sector rebounded during March with receipts up a total of 7.1 percent year-over-year.

Both petrol and vehicle sales were higher, with the rise in vehicle sales attributed to increased stocks of new car models.

In general retail stores the total amount of money overall for the broad mix of shops increased by 3.5 percent, but there were large differences among individual stores.

Consumer spending on furniture, home furnishings and appliances was fairly strong and there was also an increased demand for pharmaceuticals goods and personal care products.

However, demand for hardware, building supplies and home electronics declined noticeably, the Government report said.

During the first quarter of the year roughly $7.12 million was declared by residents returning from abroad, up from $6.29 million in 2000.

The increase directly reflects the higher volume of returning residents to the Island from 21,482 in the first quarter 2000, to 23,505 in the first quarter of 2001, an increase of 9.4 percent.