Singapore’s Retail Sales up 1.4% in May, Misses Forecasts

TigerNews SG
07-04

The Republic’s retail sales grew 1.4% YoY in May, on the back of higher motor vehicle sales, data from the Department of Statistics showed on Friday (Jul 4).

This was below the median estimate of 1.8% growth from private-sector economists polled by Bloomberg.

Excluding motor vehicles, retail sales were flat YoY in May, lower than the 0.8% growth recorded in April.

On a seasonally adjusted monthly basis, retail sales rose 1% in May. Excluding motor vehicles, retail sales fell 0.6%.

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