Retail sales in the first quarter of 2022 has recorded an increase of 4.8 per cent compared to the fourth quarter of 2021. However, the retail sales performance showed a year-on-year decrease of 3.9 per cent, with an estimated value decreased 450 point 1 million dollars. The Department of Economic Planning and Statistics, Ministry of Finance and Economy in its press release stated in terms of volume, retail sales also recorded a negative growth of 8.4 per cent year-on-year.

This was mainly due to a drop in sales at Petrol Stations by 21.7 per cent due to lack of domestic demand. This was followed by the decrease in the sales in Department Store, Textiles, Wearing Apparel and Footwear, as well as Hardware, Paints and Glass in Specialised Stores.

Food and beverages services also declined by 10.3 per cent compared to the first quarter of 2021. In terms of volume, food and beverages activity also recorded a negative growth of 10.6 per cent year-on-year. This was due to decline in the sales revenue of Restaurants, Fast-Food Outlets, Catering Service, Beverage Serving and Other Food Service Activities.

However in the first quarter of 2022, food and beverage services edged up by 19.3 per cent compared to the 4th quarter of 2021. This was mainly due to the rising domestic demand following the transition to the COVID-19 endemic phase.

Full report is available at 'deps.mofe.gov.bn'.

Source: Radio Television Brunei