Financial News: Singapore Retail Sales Growth Eases Further In August

Singapore Retail Sales Growth Eases Further In August

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

Retail sales climbed 0.7 percent year-on-year in August, slower than the 1.3 percent rise in July. Moreover, this was the weakest increase since the current sequence of growth began in February.

The slowdown in growth was mainly driven by a 4.6 percent decline in sales of motor vehicles, parts, and accessories. Excluding the same, the total annual retail sales growth improved to 1.6 percent from 1.3 percent.

Sales of watches and jewelry contracted 2.7 percent from last year, and those optical goods and books dropped 0.5 percent.

Conversely, sales of cosmetics, toiletries, and medical goods logged a double-digit growth of 11.2 percent, and demand for computer and telecommunications equipment was 10.7 percent higher. Sales at supermarkets and hypermarkets logged an increase of 1.6 percent, and there were 3.2 percent more sales at petrol service stations.

Data showed that online retail sales climbed 15.7 percent annually compared to 15.2 percent growth in July.

The index for total food and beverage sales fell 1.6 percent yearly in August, slower than the 1.9 percent decline a month ago.

On a monthly basis, retail sales decreased 1.0 percent in August, reversing a 0.6 percent incease in the prior month.

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