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Financial News: Singapore Retail Sales Growth Eases In September

Singapore Retail Sales Growth Eases In September

11/04/2022 - 02:58:00 (RTTNews)

(RTTNews) - Singapore's retail sales growth eased further in September, data from the Department of Statistics showed on Friday.

Retail sales rose 11.2 percent year-on-year in September, after a 13.3 percent growth in August.

Excluding motor vehicles, retail sales grew 16.8 percent yearly in September, after a 16.8 percent gain in the preceding month.

Sales of wearing apparel and footwear grew the most, by 52.4 percent in September from a year ago. This was closely followed by a 51.7 percent surge in sales of food and alcohol.

Sales at department stores rose 35.3 percent and those of watches and jewelry gained 37.1 percent.

On a monthly basis, retail sales rebounded a seasonally adjusted 3.3 percent in September, after falling a 1.2 percent increase in the prior month.

Sales of food & beverage services climbed 29.7 percent year-on-year in September, much slower than the 40.1 percent jump in the prior month.

The overall large growth in F&B sales in September 2022 was mainly attributed to the low base in September 2021, when there were stricter restrictions on dining-in at F&B establishments, the agency said.

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