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Financial News: Singapore Retail Sales Growth Slows In July

Singapore Retail Sales Growth Slows In July

09/05/2022 - 06:36:00 (RTTNews)

(RTTNews) - Singapore's retail sales increased at a softer pace in July, data from the Department of Statistics showed on Monday.

Retail sales rose 13.7 percent year-on-year in July, after a 14.9 percent growth in June.

Excluding motor vehicles, retail sales grew 18.1 percent yearly in July, after a 19.9 percent rise in the preceding month.

Sales of wearing apparel and footwear grew the most, by 68.3 percent in July from a year ago. Sales of food and alcohol surged 53.1 percent.

Sales at department stores rose 42.9 percent and those of watches and jewelry gained 41.7 percent.

On a monthly basis, retail sales grew a seasonally adjusted 0.6 percent in July, after a 1.4 percent drop in the prior month.

Sales of food & beverage services surged 41.9 percent year-on-year in July following a 59.1 percent jump in June.

The significant growth in F&B sales in July was mainly due to the low base in July 2021, when restrictions on dining-in at F&B establishments were in place, as part of the heightened alert measures against the Covid 19 pandemic.

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