SINGAPORE - Singapore's retail sales grew in July but a smaller rate from the previous month as auto sales slowed, figures from the Department of Statistics showed Tuesday (Sept 15).
Retail sales grew 5.2 per cent year-on-year in July, down from the previous month's 7 per cent increase. Retail sales in recent months have been boosted by the release of a bumper crop of Certificate of Entitlement (COEs) for the May to July period.
Thus sales in July was boosted by a 40.6 per cent year-on-year rise in motor vehicle sales. Excluding this, retail sales went up only 0.8 per cent from the previous year.
On a monthly basis, retail sales dipped a seasonally adjusted 2.2 per cent in July as the sales of cars and other vehicles fell 23 per cent from the revious month. Excluding vehicles, retail sales rose 2.6 per cent.