Singapore retail sales up 4% in June, missing forecasts
Most sectors record year-on-year growth in sales
Singapore's retail sales climbed 4% year-on-year in June, slightly below the 4.2% growth expected by private-sector economists, according to data released by the Singapore Department of Statistics on Wednesday. Most sectors experienced year-on-year growth in sales, with recreational goods, watches and jewellery, and computer and telecommunications equipment driving the increase.
Excluding motor vehicles, parts, and accessories, retail sales expanded 4.1% year-on-year, up from May's 3.6% expansion. On a month-over-month basis, retail sales grew 1% in June, following May's 2.2% decline. Excluding motor vehicles, parts, and accessories, retail sales rose 0.2% month-over-month, contrasting May's 1.7% contraction.
Year-on-year, retail sales grew in 10 of the 14 categories, including computer and telecommunications equipment (9.8%), cosmetics, toiletries, and medical goods (8.3%), motor vehicles, parts, and accessories (3.6%), furniture and household equipment (0.7%), and minimarts and convenience stores (-0.6%). However, food courts and other eating places saw a decline of 5.4% month-over-month.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
