Singapore Retail Sales Growth Eases To 2.8%

(RTTNews) - Singapore's retail sales growth eased for the first time in five months in September, preliminary data from the Department of Statistics showed on Wednesday.

Retail sales climbed 2.8 percent yearly in September, slower than the 5.3 percent growth in August. Sales have been rising since March.

The overall growth was mainly driven by a 16.6 percent surge in watches and jewelry sales. Sales of recreational goods rose 11.0 percent from last year, and sales at supermarkets and hypermarkets grew by 5.1 percent.

Meanwhile, the slowdown in growth was largely attributed to an 8.0 percent drop in sales at petrol service stations and a 3.6 percent drop in sales of wearing apparel and footwear.

During September, the online sales proportion was 14.9 percent of the overall retail sales, higher than the 13.1 percent recorded a month ago.

The index for food and beverage services declined 1.6 percent year-over-year in September, following a 0.2 percent fall in the prior month.

On a monthly basis, retail sales decreased 1.4 percent, in contrast to a 0.7 percent increase in August.