Singapore retail sales rise 5.2% in August, exceeding expectations
Private-sector economists had expected a 4.8% increase
[SINGAPORE] Retail sales grew 5.2 per cent year on year in August, picking up from July’s revised 4.6 per cent expansion, as the majority of the industries marked increases, data from the Department of Statistics showed on Friday (Oct 3).
This was higher than the median estimate of 4.8 per cent growth from a Bloomberg poll of private-sector economists.
Excluding motor vehicles, retail sales rose 4.6 per cent on a yearly basis in August, up from the 3.9 growth recorded in the preceding month.
However, on a seasonally adjusted monthly basis, retail sales climbed just 0.5 per cent, compared with July’s 3.9 per cent month-on-month growth.
Excluding motor vehicles, retail sales were up 1.3 per cent month on month, against July’s 3.6 per cent rise from June.
Retail sales growth
Year on year: 5.2 per cent
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Year on year, excluding motor vehicles: 4.6 per cent
Month on month, seasonally adjusted: 0.5 per cent
Month on month, seasonally adjusted, excluding motor vehicles: 1.3 per cent
Total retail sales value: S$4.3 billion
Year on year, sales rose in nine of the 14 categories:
- Supermarkets and hypermarkets: 8.7 per cent
- Motor vehicles: 8.9 per cent
- Cosmetics, toiletries and medical goods: 8.1 per cent
- Furniture and household equipment: 8.6 per cent
- Recreational goods: 9.9 per cent
- Watches and jewellery: 11.2 per cent
- Computer and telecommunications equipment: 7.4 per cent
- Optical goods and books: 8.4 per cent
- Others: 1.6 per cent
The remaining categories that posted a decrease in sales:
- Department stores: -6.5 per cent
- Minimarts and convenience stores: -1.7 per cent
- Food and alcohol: -5.1 per cent
- Petrol service stations: -5 per cent
- Wearing apparel and footwear: -1.4 per cent
Food and beverage services fall
Year on year: -0.4 per cent
Month on month, seasonally adjusted: -0.4 per cent
Total food and beverage services sales value: S$1 billion
On a yearly basis, half the categories observed growth.
Sales in fast food outlets were up 1.6 per cent; food caterers, 4.8 per cent. The restaurant industry charted a 3.2 per cent decline; turnover in cafes, food courts and other eating places was unchanged.
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