July Retail Sales Up 2.7% on Year to S$2.4b with Most Sectors Registering Gains

Singaporeans have been buying more goods and services in July.The Retail Sales Index gained 2.7 percent in July from a year ago to S$2.4b.

Excluding big ticket motor vehicles, retail sales increased by 4.6 percent. Adjusted for inflation, the increase is a bigger 7.6 percent.According to the Department of Statistics, most retail sectors registered higher sales.

These included provision and sundry shops as well as sales of watches and jewellery.

However, compared to the previous month, the index was down 3 percent.

This was the second straight month of decline in retail sales despite record tourist arrivals to Singapore.

The catering trade index showed more Singaporeans eating out with the index climbing 7.3 percent from last year to over S$325m.

Compared to June, the increase was 2 percent.  

Source: Channel NewsAsia, 15 September 2006

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