Retail sales decline 6% in May over year ago on drop in car demand
Published on Jul 15, 2014 1:00 PM
SINGAPORE - Retailers had yet another dismal month in May, with takings falling 6 per cent over the same month last year mainly due to slow car sales.
Sales of motor vehicles plummeted 26.8 per cent in May over last year, data released on Tuesday by the Statistics Department showed.
This was partly due to a high base last year. Loan curbs were temporarily lifted on the purchase of the pre-existing stock of used cars in May 2013, which led to an increase in the number of cars sold then.
If car sales were excluded, over retail takings would have gone up marginally by 0.1 per cent over May last year.
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