Singapore’s retail sales up 7.4% in December, extending November’s growth

SINGAPORE’S retail sales rose 7.4 per cent year on year in December, extending the previous month’s 6.5 per cent growth, the latest data from the Department of Statistics (SingStat) showed on Friday (Feb 3).

On a month-on-month seasonally adjusted basis, retail sales were up 1.3 per cent, reversing from the 3.6 per cent decline recorded in November.

December’s estimated total retail sales value was S$4.7 billion, with online sales accounting for 12.9 per cent. This was lower than the 15 per cent recorded in the previous month, in which there were major online shopping events, said SingStat.