STAFF REPORTER

PALMA
SMALL to medium-sized Majorcan businesses association Pimeco reported yesterday that its retail trade members were jointly claiming losses to the tune of 341 million euros yesterday.

The report published by Pimeco based on data compiled by the National Institute of Statistics (INE), pointed to the fact that excluding petrol station sales, the volume of trade up until the third quarter of last year had consistently been less than figures for the same period in 2008.

The quarterly downturn was in the order of 12 percent for the first two quarters of 2009 and of 9 percent in the third quarter.
At the end of the third quarter, accumulated decline in trade had reached 307 million euros.
However, trade volume losses were registered at 20 million euros in October this year in comparison with 2008, and then in November, year-on-year decline was reported at 14 million euros putting the accumulated losses at 341 million euros.

Looking at data for 2007, 2008, and for this year said Pimeco, retail trade fluctuates according to the success of tourism on Majorca.
Information suggests that it is spending by residents as well as tourists that has been significantly on the wane.

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