Singapore retail sales rise 4.8% in July, surpassing expectations
Figure comes in at more than double the median of private-sector economists’ estimates of 2.1%
[SINGAPORE] Retail sales grew 4.8 per cent year on year in July, picking up from June’s revised 2.4 per cent increase, data from the Department of Statistics showed on Friday (Sep 5).
The latest print was more than double the median estimate of 2.1 per cent growth from a Bloomberg poll of private-sector economists.
Growth was broad-based, as the majority of industries tracked recorded rises.
Excluding motor vehicles, retail sales expanded 4.1 per cent on a yearly basis in July, significantly higher than the 0.5 growth recorded in the preceding month.
On a seasonally adjusted monthly basis, retail sales grew 4.1 per cent, reversing from the 1.1 per cent decline posted in June. Excluding motor vehicles, retail sales was up 3.8 per cent month on month, against June’s 1.2 per cent fall.
Retail sales growth
Year on year: 4.8 per cent
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Year on year, excluding motor vehicles: 4.1 per cent
Month on month, seasonally adjusted: 4.1 per cent
Month on month, seasonally adjusted, excluding motor vehicles: 3.8 per cent
Total retail sales value: S$4.2 billion
Year on year, sales rose in 10 of the 14 categories:
- Department stores: 4.1 per cent
- Supermarkets and hypermarkets: 9.6 per cent
- Mini-marts and convenience stores: 0.2 per cent
- Motor vehicles: 8.8 per cent
- Cosmetics, toiletries and medical goods: 5.5 per cent
- Furniture and household equipment: 1.3 per cent
- Recreational goods: 6.9 per cent
- Watches and jewellery: 9.6 per cent
- Computer and telecommunications equipment: 11.1 per cent
- Optical goods and books: 8.6 per cent
The remaining categories that posted a decrease in sales:
- Food and alcohol: -2 per cent
- Petrol service stations: -5.6 per cent
- Wearing apparel and footwear: -3.1 per cent
- Others: -0.3 per cent
Food and beverage services growth
Year on year: 1.7 per cent
Month on month, seasonally adjusted: 1.4 per cent
On a yearly basis, most categories marked growth:
- Fast food outlets: 4.8 per cent
- Food caterers: 14.7 per cent
- Cafes, food courts and other eating places: 0.5 per cent
There was one exception:
- Restaurants: -2.4 per cent
Copyright SPH Media. All rights reserved.
