Singapore Retail Sales Growth Improves Unexpectedly In June

(RTTNews) - Singapore's retail sales growth accelerated unexpectedly in June, figures from the Department of Statistics showed Friday.

Retail sales grew 6.9 percent year-over-year in June, faster than the previous month's 5.9 percent increase. Economists had expected the growth to ease to 3.5 percent.

The annual growth was boosted by a significant 85.2 percent growth in motor vehicle sales. Excluding motor vehicles, retail sales decreased by 3.0 percent in June from the previous year.

Department store sales rose 1.9 percent and supermarket sales advanced by 2.7 percent. At the same time, sales at petrol service stations plunged 16.7 percent, that at optical goods and books dropped 11.6 percent and sales of food and and beverages decreased by 4.5 percent.

On a monthly basis, retail sales rose a seasonally adjusted 0.6 percent in June, in contrast to economists' expectations for a 2.6 percent drop. In May, sales had risen 2.2 percent.