March, compared to March 1997 according to the latest figures released yesterday by the Statistics Department.

Meanwhile residents have sharply increased their spending overseas as well.

Residents spent $2.69 million overseas in January this year, 24.2 percent more in real terms than in January last year. In February they spent $1.67 million, or 13.9 percent more than in February last year. In March spending increased by 12.9 percent to $1.99 million, compared to March 1997.

The first quarter figures for overseas spending are only now available due to computer problems.

Locally the retail sector had a gross turnover estimated at $41.2 million, an increase of 4.8 percent over March 1997. Adjusting for 2.1 percent year-over-year inflation rate in March yields a 2.7 percent real growth rate.

The motor vehicle and service station was the main beneficiary of the increased spending. Sales increased 20.3 percent in real terms.

"Demand for bikes and cars was high, although petrol sales were down,'' Statistics stated.

All other sectors had declines of 0.6 percent in real terms. The pace of growth in the food sector, which registered strong demand since December 1997, has since slowed "considerably'' according to the department.

"The liquor sector, with the exception of January this year and October last year, has been on a downward trend,'' Statistics stated.

Meanwhile a strong demand for appliances in the general stores category was fuelled by special promotions.

"Clothing stores generally did less well this year as an early Easter last March helped to push up 1997 sales,'' Statistics stated. "Furniture and pharmaceutical sales were down, although department stores recorded a marginal increase (in gross sales).'' BUSINESS BUC