Singapore retail sales growth slows to 0.7% in August, misses forecasts
Sales grow in eight out of 14 categories on an annual basis
Singapore's retail sales experienced a slowdown in August, growing at a modest 0.7% compared to July's 1.3% increase, falling short of private-sector economists' expectations, as reported by the Singapore Department of Statistics. The median forecast from Bloomberg's pool of economists had been 2% growth. Despite the lower growth, various retail sectors still managed to record year-on-year sales growth in August.
The boost came primarily from the cosmetics, toiletries, and medical goods category, as well as computer and telecommunications equipment. However, when motor vehicles, parts, and accessories are excluded, retail sales only managed a 1.6% increase, slightly higher than July's 1.3% growth. On a seasonally adjusted basis, month-over-month retail sales declined by 1% in August, reversing the previous month's 0.6% expansion.
Excluding motor vehicles, parts, and accessories, retail sales rose by 0.6% on a month-over-month basis, compared to July's 0.4% expansion.
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.
