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Financial News: Singapore Retail Sales Rise Less Than Expected

Singapore Retail Sales Rise Less Than Expected

07/12/2018 - 03:13:00 (RTTNews)

(RTTNews) - Singapore's retail sales increased at a slower-than-expected pace in May, partly due to lower motor vehicle sales, figures from the Department of Statistics showed Thursday.

Retail sales edged up 0.1 percent year-over-year in May, following a 0.6 percent rise in April. That was also below the 0.5 percent gain economists had forecast.

Motor vehicle sales alone plunged 8.4 percent annually in May. Excluding the same, total retail sales rose 2.2 percent.

Sales at department stores advanced 2.7 percent and those at petrol services stations grew notably by 8.8 percent.

On a monthly basis, retail sales increased 0.1 percent from April, when it dropped by 0.2 percent.

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