Singapore Retail Sales Rise 4.5%

(RTTNews) - Singapore's retail sales rebounded sharply at the start of the year, preliminary data from the Department of Statistics showed on Wednesday.

Retail sales climbed 4.5 percent annually in January, reversing a 2.9 percent decrease in December.

Sales excluding motor vehicles grew 4.8 percent versus a 4.0 percent fall in the previous month.

The growth in retail sales was partly due to Chinese New Year being celebrated in January this year, as opposed to February last year, the agency said.

There was an 11.2 percent surge in sales of cosmetics, toiletries, and medical goods, and the demand for food and alcohol was 11.6 percent higher. Above all, sales of watches and jewelry alone grew by 16.3 percent.

Sales at supermarkets and hypermarkets climbed 11.0 percent, while sales at petrol service stations decreased by 5.4 percent.

The index for food and beverage services grew 10.4 percent year-on-year in January, following a 4.0 percent rise in the prior month.

On a monthly basis, retail sales rose a seasonally adjusted 2.4 percent in January compared to a 2.0 percent drop in December.