Retail sales up 2.9% in December as car deals surge

Motor vehicle sales jumped 62.5%.

Islandwide retail sales rose 2.9% year-on-year in December on back of a 62.5% surge in car deals, according to latest data from the Ministry of Trade and Industry (MTI) and the Department of Statistics.

Excluding motor vehicles, retail sales decreased 3.6%. The total retail sales value in December 2015 was estimated at $4.1 billion, higher than the $4.0 billion in December 2014.

On a month-on-month basis, seasonally adjusted retail sales dropped 2.1% in December. Excluding car sales, retail sales declined 2.8%. 

Meanwhile, sales of food & beverage services decreased 1.8% in December over the previous month. Compared to the same period last year, sales of food & beverage services declined 5.7% in December.

The total sales value of food & beverage services in December 2015 was estimated at $665 million, lower than the $705 million in December 2014.