Singapore Retail Sales Growth Improves To 4.0%

(RTTNews) - Singapore's retail sales rebounded at the end of the second quarter, data from the Department of Statistics showed on Wednesday.

Retail sales climbed 4.0 percent year-on-year in June, faster than the 2.9 percent rise in May. Sales have been rising since February.

Excluding motor vehicles, parts, and accessories, the annual retail sales growth accelerated to 4.1 percent from 3.6 percent.

Sales of recreational goods alone grew 11.4 percent from last year, and those of watches and jewelry were 10.5 percent higher. Sales of computer and telecommunications equipment increased 9.8 percent, and sales at petrol service stations advanced 8.0 percent.

Conversely, sales at department stores declined sharply by 9.5 percent, and demand for food and alcohol contracted 0.7 percent. Sales of wearing apparel and footwear were 1.7 percent lower.

Data showed that online retail sales climbed 16.4 percent annually compared to 15.3 percent growth in May.  

The index for total food and beverage sales fell 2.3 percent yearly in June, following a 0.1 percent stable rise in May.

On a monthly basis, retail sales increased 1.0 percent in June, reversing a 2.2 percent decrease in the prior month.