Financial News: Singapore Retail Sales Growth Eases To 1.5%

Singapore Retail Sales Growth Eases To 1.5%

(RTTNews) - Singapore's retail sales growth moderated in August after accelerating in the prior month, data from the Department of Statistics showed on Monday.

Retail sales climbed 1.5 percent year-on-year in August, slower than the 4.0 percent rise in July. Moreover, this was the weakest increase since the current sequence of growth began in February.

Excluding motor vehicles, parts, and accessories, the annual retail sales growth also softened to 1.5 percent from 4.1 percent.

Sales of recreational goods grew 13.9 percent from last year, and those of watches and jewelry were 1.1 percent higher. The overall growth in July was also driven by a 4.5 percent increase in the sale of cosmetics, toiletries, and medical goods.

Conversely, sales at department stores declined 3.5 percent, and demand for food and alcohol contracted 5.1 percent. Sales at supermarkets and hypermarkets logged a decline of 2.1 percent, and there were 1.1 percent fewer sales at petrol service stations.

Data showed that online retail sales climbed 15.4 percent annually compared to 16.4 percent growth in June.   

The index for total food and beverage sales fell 1.9 percent yearly in July, slower than the 2.3 percent decline a month ago.

On a monthly basis, retail sales increased 0.9 percent in July, the same as in the prior month.

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