Financial News: Singapore Retail Sales Growth Improves To 2.2%

Singapore Retail Sales Growth Improves To 2.2%

12/05/2024 - 03:32:00 (RTTNews)

(RTTNews) - Singapore's retail sales expanded at a slightly faster pace in October, preliminary data from the Department of Statistics showed on Thursday.

Retail sales rose 2.2 percent year on year in October, following a 1.9 percent increase in September.

Sales excluding motor vehicles rebounded 0.3 percent versus a 1.5 percent decrease in the previous month.

There was an 18.4 percent surge in sales of motor vehicles, and the demand for food and alcohol was 5.5 percent higher. Meanwhile, sales of computer and telecommunications equipment showed a sharp decline of 10.9 percent.

The index for food and beverage services grew 3.9 percent year-on-year in October, following a 1.6 percent rise in the prior month.

The online sales proportion was 12.7 percent of the overall retail sales, slightly slower than the 13.8 percent recorded a month ago.

On a monthly basis, retail sales rose a seasonally adjusted 0.1 percent in October compared to a 0.4 percent gain in September.

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