May retail sales down 6% on car weakness
Sales up 5.2% from April but weakness expected to persist
[SINGAPORE] Retail sales for May dropped 6 per cent year on year, dragged down by sales of motor vehicles, but were 5.2 per cent higher month on month on the back of stronger vehicles sales.
According to data released by the Department of Statistics (DOS) yesterday, retail sales inched up 0.1 per cent from May 2013 when motor vehicles sales, which sank 26.8 per cent, were stripped out.
"The higher sales of motor vehicles a year ago was partly due to the temporary lifting of loan restrictions on the purchase of the pre-existing stock of used cars," the DOS highlighted.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Singapore top recipient of Q1 cross-border investments in Apac: Knight Frank
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Bitcoin faces worst month since FTX crash with ETF demand cooling
AIA launches wealth centre targeting high-net-worth clients
Prudential’s Q1 new business profit down 2% at S$743 million