Singapore's Total Retail Sales Growth Slows to 3% in May

Singapore's total retail sales rose 3% year over year to SG$4.5 billion in May, softer than the 5.4% increase the prior month, according to data from the Statistics Department released Monday. The latest pace of expansion missed the Trading Economics forecast of 6%. Excluding motor vehicles, parts, and accessories, retail sales jumped 3.7% year over year to SG$3.8 billion, compared with a 4.5% growth in the preceding month. On a month-over-month basis, Singapore's seasonally adjusted overall retail sales fell 2.3%, reversing the 0.4% expansion between March and April and defying the Trading Economics forecast of zero change.