In the third quarter, Q3 2022, the performance of the retail sales showed a year-on-year increase of 4.8 percent with an estimated value increased from $407.4 million to $427 million. The Department of Economic Planning and Statistics, DEPS, Ministry of Finance and Economy in its press release on Retails Sales Index and Food and Beverages Services Index informed that in terms of volume, the retail sales also recorded a positive growth of 2.4 percent year-on-year.
The increase in retail sales was mainly caused by an increase in sales of Textiles, Wearing Apparel and Footwear, followed by sales of Hardware, Paints and Glass in specialized stores; sales at Petrol Station and sales of Watches and Jewellery. The increase was due to the rise in domestic demand in line with the reduction in control measures following the cessation of the COVID-19 Early Endemic Phase as opposed to the third quarter in the previous year. In addition, the sales volume of these retail activities also registered an increase. Compared to the second quarter 2022, the retail sales in Q3 2022 has recorded a decrease of 8.8 percent.
As for the food and beverages services, it has increased by 30.1 percent compared to Q3 2021 with an estimated sales revenue increased from $81.1 million to $105.5 million. In terms of volume, food and beverages activity also recorded a positive growth of 26 per cent year-on-year. The increase in sales revenue of food and beverages was mainly attributed by the increase in the sales revenue of Restaurants, followed by the increase in sales revenue of Fast-food Outlets; Catering Service Activities and Beverage Serving Activities. The increase was due to the no dine-in capacity limitations since early June 2022. As for the food and beverage services, it has recorded an increase of 6.9 percent in Q3 2022.
Full report of Retail Sales Index (RSI) and Food & Beverages Services Index for third quarter 2022 can be obtained through the website at JPES di deps.mofe.gov.bn.
Source: Radio Television Brunei