Singapore Retail Sales Ease in May, Missing Forecasts

Singapore's retail sales growth slowed down in May, weighed down by a drop in food and beverage retail, alongside declines in department store takings, according to data from the Statistics Department released Monday. Total retail sales jumped 3% year over year to SG$4.5 billion in May, softer than the 5.4% increase the prior month. 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, slower than the 4.5% growth in the preceding month. Department store sales contracted 3.3% in May, faster than the 0.4% slowdown seen in April. Food and alcohol sales fell 3.7% during the month in contrast with a 0.6% growth in April. Food and beverage services saw flat growth in May compared with a 0.1% rise in April. Restaurants registered a 1.8% growth in sales, fast food outlets inching up 2.6%, and food caterers seeing a 1.9% rise. Food court sales declined 5.3% year over year. Cosmetics, toiletries, and medical goods sales increased 4.9% year over year. Sales in hypermarkets and supermarkets inched up 1.1% in May, while those of mini-marts and convenience.