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Financial News: Singapore Retail Sales Fall In July

Singapore Retail Sales Fall In July

09/12/2018 - 01:54:00 (RTTNews)

(RTTNews) - Singapore retail sales declined in July primarily due to a sharp contraction in motor vehicle sales, data from the Department of Statistics showed Wednesday.

Retail sales decreased 2.6 percent year-on-year in July, reversing a 2.2 percent rise in June. Excluding motor vehicles, retail sales gained 0.2 percent after rising 0.3 percent.

Motor vehicle sales plunged 15.2 percent on year in July. Food retailers logged a 5.4 percent drop in sales and department store sales slid 4.6 percent.

Month-on-month, retail sales declined 2.9 percent, in contrast to a 1.3 percent increase in June.

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