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
In July, Singapore's retail sales increased by only 1.5 percent year-on-year, according to data released by the Singapore Department of Statistics on September 7. This growth rate was lower than the 4 percent recorded in June and fell short of the 3.1 percent median forecast expected by private-sector economists, as reported by Bloomberg.
The growth in retail sales was uneven across different categories, with half of the sectors experiencing year-on-year growth in July. However, motor vehicles, parts, and accessories were excluded from this calculation.
On a month-to-month basis, seasonally adjusted retail sales rose by 0.9 percent in July, matching the growth observed in June. Excluding motor vehicles, parts, and accessories, sales grew by 0.7 percent month-over-month in July, up from the 0.1 percent growth seen in the previous month.
Year-on-year, excluding motor vehicles, parts, and accessories, retail sales grew by 1.5 percent in July, with growth seen in seven out of the 14 categories. The month-on-month, seasonally adjusted growth rate was 0.6 percent.
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.
