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Singapore Retail Sales Growth Slows Further


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Singapore’s retail sales growth continued to ease in October, data from the Department of Statistics showed on Monday.

Retail sales rose 10.4 percent year-on-year in October, after an 11.3 percent growth in September.

Excluding motor vehicles, retail sales advanced 14.3 percent yearly in October, after a 16.9 percent gain in the preceding month.

Sales of food and alcohol grew the most, by 61.0 percent, in October from a year ago, followed by a 52.9 percent surge in sales of wearing apparel and footwear.

Sales at department stores rose 43.7 percent and those of watches and jewelry went up 29.9 percent.

Sales of recreational goods, and cosmetics, toiletries and medical goods climbed by 23.5 percent and 20.8 percent, respectively.

On a monthly basis, retail sales rose a seasonally adjusted 0.1 percent in October, after a 3.2 percent increase in the prior month.

Sales of food & beverage services advanced 36.9 percent year-on-year in October, following a 29.6 percent rise in the prior month.

The overall large growth in F&B sales in October 2022 was mainly attributed to the low base in October 2021, when there were stricter restrictions on dining-in at F&B establishments, the agency said.

*Qatar Financial Centre Nov PMI 48.8 Vs. 48.4 In Oct: S&P Global

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