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Singapore retail sales grow 14.8% in June from low base in 2021, but slower than previous month
SINGAPORE’S retail sales grew at a slower pace in June, but still logged a double-digit increase owing to the low base last year.
Total retail sales expanded 14.8 per cent year on year, easing from the 17.8 per cent increase in May, according to the Department of Statistics Singapore (SingStat) on Friday (Aug 5).
Excluding motor vehicle sales, retail sales rose 19.8 per cent year on year in June, slightly lower than May’s 22.6 per cent growth.
Noting the return of overseas visitors, OCBC chief economist Selena Ling said: “Looking ahead, the retail sales outlook should still remain positive on-year assuming that the visitor arrivals remain healthy with more international events including Formula 1, various pop concerts and also the flurry of Mice (meetings, incentives, conferences, exhibitions) events in the pipeline for the rest of the year.”
On a month-on-month seasonally adjusted basis, however, retail sales shrank 1.4 per cent, while the contraction excluding motor vehicle sales came up to 1.9 per cent.
Ling said the decline could be a reflection of re-emerging caution amid heightened geopolitical tensions and global recession fears.
On the whole, the estimated retail sales value in June was S$3.8 billion, of which 12.7 per cent came from online retail sales. This was higher than the 11.7 per cent recorded in May.
Source: https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-grow-148-in-june-from-low-base-in-2021-but-slower-than