percent below the level reached in February 1991, Finance Ministry monthly statistics revealed yesterday.

"(The figure) is not too good,'' Finance Minister the Hon. David Saul said.

"But news around the world is more positive so we can only hope the next quarter's figures will show an uplift.'' Chairman of the sales division of the Chamber of Commerce Mr. Bobby Rego said retail store owners were optimistic the Island will indeed start pulling out of the recession and that March and April's figures will show this.

He said he felt the decline in retail sales was "across the board'' with no noted decline in any particular part of the retail sector.

While retail stores are experiencing continued declines in sales activity, both food and liquor stores posted annual increases in gross receipts for the month -- 2.5 percent and 9.6 percent, respectively.