Singapore Retail Sales Growth Accelerates In August

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

Retail sales climbed 5.2 percent yearly in August, faster than the 4.6 percent gain in July. Sales have been rising since March.

The acceleration in growth was mainly driven by an 11.2 percent surge in watches and jewelry sales. Sales of recreational goods rose 9.9 percent from last year, and sales at supermarkets and hypermarkets grew by 8.7 percent.

Demand for computer and telecommunications equipment alone grew 7.4 percent, while sales of food and alcohol dropped 5.1 percent.

During August, the online sales proportion was 13.1 percent of the overall retail sales, slightly higher than the 13.0 percent recorded a month ago.

The index for food and beverage services declined 0.4 percent year-on-year in August, reversing a 1.7 percent growth in the prior month.

On a monthly basis, retail sales increased 0.5 percent versus a 3.9 percent increase in July.