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Financial News: Singapore Retail Sales Rise More Than Expected In

Singapore Retail Sales Rise More Than Expected In July

09/12/2017 - 01:45:00 (RTTNews)

(RTTNews) - Singapore's retail sales increased at a faster-than-expected pace in July, data from the Department of Statistics showed Tuesday.

Retail sales rose a seasonally adjusted 3.0 percent month-over-month in July, reversing a 0.4 percent drop in June. Economists had expected a 0.7 percent climb for the month.

Excluding motor vehicles, retail sales grew 2.6 percent on month versus a 0.2 percent slight rise in June.

Retail trade of motor vehicles alone advanced by 4.7 percent and sales at department stores registered a growth of 6.3 percent. At the same time, sales of watches and jewellery declined 4.0 percent.

On a yearly basis, retail sales growth eased to 1.8 percent in July from 2.0 percent in June. The growth was forecast to slow to 1.7 percent

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