S'pore Retail Sales Up 1.4%, Driven by Motor Vehicle Sales

Third Consecutive Month of Low Single-Digit Growth Amid Elevated Economic Uncertainty

- Rosalind Ang

Retail sales here rose in May, maintaining low single-digit growth for the third consecutive month due to elevated economic uncertainty.

On a year-on-year basis, retail sales rose 1.4 per cent in May on the back of a 0.2 per cent growth in April, according to figures released by the Singapore Department of Statistics on July 4.

Excluding motor vehicles, retail sales registered flat growth in May, compared with the 0.8 per cent growth in April.

On a seasonally adjusted basis, retail sales rose 1 per cent in May over the previous month, with the increase mainly attributed to higher motor vehicle sales, which rose by 11.9 per cent.

Excluding motor vehicles, seasonally adjusted retail sales decreased 0.6 per cent, compared with April.

The estimated total retail sales value in May was $4.2 billion. Of this, an estimated 12.3 per cent was from online retail sales, compared with the 12.7 per cent recorded in April.

Within the retail trade sector, performance was mixed, with less than half of the sector areas recording an increase in sales. Sales of motor vehicles rose 10.4 per cent on a year-on-year basis in May, likely contributed to by the increase in certificate of entitlement quota.