Singapore’s retail sales grew by just 0.5 per cent in May compared to the same month of last year.

Thats well down on the revised figure of 2.1 per cent for April.

Data from Department of Statistics indicated a retail sales increase of 0.7 per cent excluding motor vehicles.

Economists had forecasted a 2.6 per cent year-on-year retail sales growth.

Optical goods and books plunged the most with a 7.8 per cent decline while department stores dipped by 2.2 per cent. Watches and jewellery also declined by two per cent.

In contrast, supermarket sales increased by 4.8 per cent and food and beverages rose 4.1 per cent. 

On a month-to-month basis, retail sales declined 2.7 per cent, with watches and jewellery declining the steepest at 6.5 per cent followed by medical goods and toiletries with 6.3 per cent sales decline.

GB