Singapore retail sales growth slows to 0.7% in August, misses forecasts

[SINGAPORE] Retail sales rose 0.7 per cent in August, down from July’s 1.3 per cent growth and well below private-sector economists’ expectations, data from the Singapore Department of Statistics showed on Monday (Oct 5). 

According to a Bloomberg poll, economists had forecast a median 2 per cent growth. 

Year on year, most retail sectors recorded year-on-year growth in sales. The increase was led by cosmetics, toiletries and medical goods, and computer and telecommunications equipment. 

Excluding motor vehicles, parts and accessories, retail sales increased 1.6 per cent, up marginally from July’s 1.3 per cent growth.

On a seasonally adjusted, month-on-month basis, retail sales fell one per cent in August, reversing the previous month’s 0.6 per cent expansion.

Excluding motor vehicles, parts and accessories, retail sales inched up 0.6 per cent on the month, compared to July’s 0.4 per cent expansion.

Across all retail sales categories

• Year on year: 0.7 per cent
• Year on year, excluding motor vehicles, parts and accessories: 1.6 per cent
• Month on month, seasonally adjusted: -1 per cent
• Month on month, seasonally adjusted, excluding motor vehicles, parts and accessories: 0.6 per cent
• Total retail sales value: S$4.5 billion

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

• Cosmetics, toiletries and medical goods: 11.2 per cent
• Computer and telecommunications equipment: 10.7 per cent
• Recreational goods: 4.3 per cent
• Petrol service stations: 3.2 per cent
• Department stores: 1.6 per cent
• Supermarkets and hypermarkets: 1.6 per cent
• Furniture and household equipment: 1.1 per cent
• Wearing apparel and footwear: 0.7 per cent

These categories posted a decline:

• Motor vehicles, parts and accessories: -4.6 per cent
• Others: -4.3 per cent
• Watches and jewellery: -2.7 per cent
• Food and alcohol: -1.1 per cent
• Minimarts and convenience stores: -0.6 per cent
• Optical goods and books: -0.5 per cent

F&B services growth

• Year on year: -1.6 per cent
• Month on month, seasonally adjusted: 1.5 per cent
• Year on year, mixed performance among:
• Fast-food outlets: 7.8 per cent
• Food caterers: 2.9 per cent
• Cafes: -5.3 per cent
• Food courts and other eating places: -4.8 per cent
• Restaurants: -2.1 per cent