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Singapore retail sales up for second straight month
ANN/THE STRAITS TIMES – Retail sales in Singapore rose for the second straight month in March, although at a slower pace year on year. Most industries saw bigger takings at the till.
Economists see retail sales slowing further this quarter, but it could accelerate in the second half of the year.
Sales climbed 4.5 per cent in March from the same month a year ago, following a revised 12.6 per cent increase in February. Part of the strong year-on-year rise in February was due to the timing of Chinese New Year in 2022. It fell in February last year and some stores were briefly closed that month.
The estimated total retail sales value in March was USD4.1 billion, according to figures released by the Department of Statistics on Friday. Of this, online retail sales made up an estimated 13 per cent, higher than the 12.4 per cent recorded in February.
Excluding motor vehicles, retail sales grew 4.1 per cent, smaller than the 11.6 per cent increase in February. Sales of motor vehicles rose 7.2 per cent year on year, but was flat compared with the previous month.