Singapore retail sales growth accelerates to 1.7% in September, but misses median forecast
Sales increase in only six of 14 categories, on a yearly basis
In September, Singapore's retail sales experienced an acceleration, growing 1.7% year-on-year, according to data released by the Singapore Department of Statistics. This figure, however, fell short of the 2.2% increase that economists had predicted, according to a Bloomberg poll. The month-on-month retail sales experienced a decline of 1% in September, following a 0.9% drop in August.
The sales uptick was primarily driven by growth in the computer and telecommunications equipment sector, as well as petrol service stations. Excluding the motor vehicles, parts, and accessories category, retail sales increased by 2.5% year-on-year, up from 1.7% growth in August. On a seasonally adjusted basis, month-over-month retail sales saw a 1% decrease in September, continuing the downward trend from August's 0.9% decline.
Out of 14 categories, retail sales expanded in just six categories year-on-year, while the remaining eight reported declines. The F&B sector's performance was mixed when considering year-on-year data.
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.
