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Financial News: Singapore Retail Sales Surge In May

Singapore Retail Sales Surge In May

07/05/2021 - 04:44:00 (RTTNews)

(RTTNews) - Singapore retail sales increased sharply in May, data from the Department of Statistics showed on Monday.

Retail sales accelerated 79.7 percent year-on-year in May, following a 54.0 percent rise in April.

Motor vehicle sales surged 421.8 percent annually in May, following a 261.3 percent growth in the previous month.

Excluding motor vehicles, retail sales gained 61.6 percent in May, following a 39.2 percent rise in the preceding month.

Sales of watches and jewelry grew 2090.0 percent yearly in May and those of wearing apparel and footwear surged 447.1 percent.

Sales recreation goods increased 219.0 percent. Sales of petrol service stations, and optical goods and books grew by 114.3 percent and 296.5 percent, respectively.

On a monthly basis, retail sales declined 6.8 percent in May, following a 1.4 percent fall in the prior month.

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