Retail sales in Singapore rose by 0.6% in August from the same month a year ago, according to Department of Statistics data.
This was higher than the 0.2% increase forecast by analysts in a Bloomberg poll.
However, excluding motor vehicle sales, August’s retail turnover declined 1.5% year on year, following a 2.3% drop in July. Car sales have been keeping retail sales in positive territory in the last few months.
Nine of the 14 retail categories recorded a year-on-year drop in sales in August.
Maybank economist Brian Lee noted that retail sales in Singapore have remained soft in 2024.
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