Excluding cars, retail sales rose just 0.4 per cent year on year. Read more at straitstimes.com.
SINGAPORE – Retail sales in Singapore rose for the sixth consecutive month in July, but the pace picked up only slightly from June’s revised 1 per cent growth and came in lower than forecast.less than the median 2.1 per cent rise expected by analysts in a Bloomberg poll.Excluding motor vehicles, retail sales rose just 0.4 per cent year on year, cooling from the 2.5 per cent growth recorded in June, according to figures released by the Singapore Department of Statistics on Tuesday.
The estimated total retail sales value in July was $3.9 billion, according to SingStat figures released on Tuesday.The biggest year-on-year increase in July came from the food and alcohol industry, at 21 per cent, mainly due to higher demand for alcoholic products, including those sold in duty-free shops.Conversely, sales at petrol service stations plunged 16.1 per cent in July, partly due to lower petrol prices. This was lower than the 24.2 per cent fall in June.
The food and beverage sector saw continued growth in sales compared with 2022, albeit at a slower rate.
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