Singapore retail sales rise by just 1.5% in July, under consensus forecast
Sales grow in seven out of 14 categories on a yearly basis
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[SINGAPORE] The Republic’s retail sales expanded by just 1.5 per cent year on year in July, moderating from the 4 per cent growth recorded in June, data from the Singapore Department of Statistics showed on Monday (Sep 7).
This was under the 3.1 per cent median forecast based on a Bloomberg poll of private-sector economists.
The performance was mixed across categories, with half of the retail sectors posting year-on-year growth in sales in July.
Excluding motor vehicles, parts and accessories, retail sales grew 1.5 per cent, from June’s 4.1 per cent.
On a seasonally adjusted, month-on-month basis, retail sales expanded 0.9 per cent, similar to June.
Excluding motor vehicles, parts and accessories, retail sales inched up 0.7 per cent on the month in July, up from the preceding month’s 0.1 per cent growth.
Key figures
Year on year: 1.5 per cent
Year on year, excluding motor vehicles, parts and accessories: 1.5 per cent
Month on month, seasonally adjusted: 0.9 per cent
Month on month, seasonally adjusted, excluding motor vehicles, parts and accessories: 0.7 per cent
Total retail sales value: S$4.4 billion
Year on year, sales grew in seven of the 14 categories:
- Motor vehicles, parts and accessories: 1.4 per cent
- Cosmetics, toiletries and medical goods: 4.5 per cent
- Wearing apparel and footwear: 2.3 per cent
- Furniture and household equipment: 1.3 per cent
- Recreational goods: 13.9 per cent
- Watches and jewellery: 11.1 per cent
- Computer and telecommunications equipment: 5.1 per cent
These categories posted declines:
- Department stores: -3.5 per cent
- Supermarkets and hypermarkets: -2.1 per cent
- Mini-marts and convenience stores: -1.5 per cent
- Food and alcohol: -5.1 per cent
- Petrol service stations: -1.1 per cent
- Optical goods and books: -2.2 per cent
- Others: -4 per cent
F&B services extend decline
Year on year: -1.9 per cent
Month on month, seasonally adjusted: 0.6 per cent
On a year-on-year basis,
- Restaurants: -0.3 per cent
- Fast food outlets: 4.6 per cent
- Food caterers: 0.3 per cent
- Cafes: -6.4 per cent
- Food courts and other eating places: -6.6 per cent
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