Singapore Retail Sales Growth Improves In August

(RTTNews) - Singapore's retail sales growth accelerated in August, data from the Department of Statistics showed on Thursday.

Retail sales climbed 4.0 percent year-over-year in August, faster than the 1.3 percent gain in July.

Excluding motor vehicles, retail sales rose 3.7 percent annually in August after a 0.6 percent increase in the preceding month.

In August, most industries recorded annual increases. Sales of food and alcohol grew the most, by 24.1 percent from a year ago, mainly driven by higher demand for alcoholic products.

Similarly, sales at mini-marts and convenience stores showed a strong growth of 8.8 percent, and motor vehicle sales alone grew by 7.9 percent.

Meanwhile, sales at department stores and gasoline service stations decreased by 5.2 percent and 2.7 percent, respectively.

Data showed that the online sales proportion was 23.1 percent of the overall retail sales in August.

On a monthly basis, retail sales rose a seasonally adjusted 1.7 percent in August, following a 0.8 percent gain in July.

The index for food and beverage services grew 8.6 percent year-on-year in August, extending the 6.6 percent rise in the prior month.