Retail sales show slight increase
Retail sales have increased for the first time in almost three years.According to the Retail Sales Index, released this morning, sales in increased by 0.1 percent above the $84.9 million recorded in August 2010.“This marginal growth marked the first increase in retail sales since December 2008,” the report says.It adds: “Consumer demand strengthened in five of the seven retail sectors. The service stations sector recorded the strongest growth with an increase in sales of seven percent. In contrast, building material stores registered the largest decline in sales of 10.2 percent.”The report said residents returning to the Island declared overseas purchases of goods valued at $7.5 million during August - 3.8 percent lower than the $7.8 million declared in August 2010.Combined local and overseas spending totalled $92.4 million.“After adjusting for the annual retail sales rate of inflation, measured at 3.5 per cent in August 2011, the volume of retail sales fell by 2.2 percent,” the report added.