Singapore Retail Sales Growth Eases To 2.7%

Singapore's retail sales expanded at a slower pace in March, preliminary data from the Department of Statistics showed on Friday.

Retail sales rose 2.7 percent year-on-year in March, much slower than the 8.6 percent gain in February. However, this was the third successive monthly rise.

Sales excluding motor vehicles grew 2.0 percent from last year, which was 9.5 percent in February.

There was a 17.0 percent jump in sales of food and alcohol from last year. Retailers in the watch and jewellery industries saw annual growth in sales of 14.1 percent. Nonetheless, rate growth eased in both divisions.

Sales at supermarkets and hypermarkets rose only by 1.2 percent. Meanwhile, sales of computer and telecommunications equipment dropped by 5.1 percent.

Data showed that the online sales proportion was 11.7 percent of the overall retail sales in March.

On a monthly basis, retail sales decreased a seasonally adjusted 1.0 percent in March, reversing a 3.0 percent rebound in the prior month.

Sales of food and beverage services climbed 5.0 percent year-on-year in March, after a 14.8 percent growth in the prior month.

Economic News