Singapore retail sales up 3% in May, missing forecasts

[SINGAPORE] The Republic’s retail sales rose 3 per cent year on year in May, extending the 5.4 per cent growth recorded in April, data from the Singapore Department of Statistics showed on Monday (Jul 6).

However, it missed the expectations of private-sector economists, who had forecast a median 6.5 per cent growth in a Bloomberg poll.

Most retail sectors recorded year-on-year growth in sales in May. The increase was led by recreational goods; watches and jewellery; and petrol service stations. 

Excluding motor vehicles, retail sales increased 3.7 per cent, moderating from April’s 4.5 per cent expansion.

On a seasonally adjusted, month-on-month basis, retail sales declined 2.3 per cent in May, reversing April’s 0.3 per cent expansion. 

Excluding motor vehicles, retail sales slipped 1.8 per cent on the month, against April’s 0.4 per cent expansion.

Retail sales categories

Year on year: 3 per cent

Year on year, excluding motor vehicles: 3.7 per cent

Month on month, seasonally adjusted: -2.3 per cent

SEE ALSO

Singapore retail sales up 5.4% in April, surpassing forecasts

Month on month, seasonally adjusted, excluding motor vehicles: -1.8 per cent

Total retail sales value: S$4.5 billion

Year on year, sales grew in 10 of the 14 categories:

• Recreational goods: 23.6 per cent
• Watches and jewellery: 11.7 per cent
• Petrol service stations: 9.5 per cent
• Computer and telecommunications equipment: 7.7 per cent
• Cosmetics, toiletries and medical goods: 4.9 per cent
• Optical goods and books: 4.6 per cent
• Furniture and household equipment: 4.5 per cent
• Mini-marts and convenience stores: 1.4 per cent
• Supermarkets and hypermarkets: 1.1 per cent
• Wearing apparel and footwear: 0.1 per cent

These categories posted a decline:

• Motor vehicles: -0.8 per cent
• Department stores: -3.3 per cent
• Food and alcohol: -3.7 per cent
• Others: -4.1 per cent

F&B services growth

Year on year: 0 per cent

Month on month, seasonally adjusted: -0.6 per cent

• Fast-food outlets: 2.6 per cent
• Food caterers: 1.9 per cent
• Restaurants: 1.8 per cent
• Cafes: -0.5 per cent
• Food courts and other eating places: -5.3 per cent