The CSO release two sets of data yesterday which shows show why we are into a period of what Tom Healy, Director of the Nevin Economic Research Institute, described as ‘stable stagnation’.
First up is the Retail Sales Index, which monitors the level of activity in the retail sector (both volume and value). This is one indicator of the health of the domestic economy.

As seen, the Retail Sales Index has been stagnating since early 2011 – going up a bit, going down a bit. In the second half of last year it looked like the Index was recovering. Volume growth between June and December rose by nearly 3 percent. But since December, the Index has fallen every month. There was some hope of recovery in April, after the torrid weather in March but instead we suffered another fall. Indeed, last month was the third worst month since the crisis broke.
Now let’s turn to the Earnings and Labour Cost Survey which measures earnings per week and employment (which excludes self-employment). Turning first to earnings:

As seen, Bermuda is a league-leader in providing the most secure ‘haven’ from corporate tax liability followed by Luxembourg and the UK Caribbean Islands. Next up is Switzerland, the Netherlands and, ahem, Ireland. A long way off is Germany, France and the UK.





