Economy

Singapore sees retail sales up 3 percent month-on-month in July

RETAIL sales in July showed modest signs of recovery as it notched gains year on year (y-o-y), a continuation of the upward trend seen in June.

July's performance was slightly below the revised 2 per cent rise in takings in June, which followed the 0.8 per cent increase in May.

Singapore retail sales rose on a year-on-year basis in July primarily due to an increase in petrol sales, data released by the department of statistics Tuesday showed. Excluding motor vehicles, they rose 2.6 per cent.

Retail trade of motor vehicles alone advanced by 4.7 percent and sales at department stores registered a growth of 6.3 percent.

Petrol service stations saw the highest year-on-year increase in sales, rising 8.1 per cent. The sales value was estimated at 723 million Singapore dollars (about 537.77 million USA dollars), lower than the 727 million Singapore dollars (about 540.74 million US dollars) in July 2016.

Sales of food and beverage services fell 0.5 per cent compared to a year ago, with total sales value estimated at S$723 million, lower than the S$727 million in July 2016.



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