Singapore Retail Sales Growth Improves To 4.5%

(RTTNews) - Singapore's retail sales growth rebounded strongly in October, preliminary data from the Department of Statistics showed on Friday.

Retail sales climbed 4.5 percent yearly in October, faster than the 2.7 percent increase in September. Sales have been rising since March.

The acceleration in growth was mainly driven by a 25.0 percent surge in watches and jewelry sales. Sales of recreational goods grew 20.4 percent from last year, and sales at supermarkets and hypermarkets advanced by 3.6 percent.

Meanwhile, sales at petrol service stations plunged 17.4 percent, and a 2.5 percent drop was seen in sales of food and alcohol.

During September, the online sales proportion was 14.5 percent of the overall retail sales, lower than the 15.0 percent recorded a month ago.

The index for food and beverage services rose 2.4 percent year-over-year in October, recovering from a 1.6 percent fall in the prior month.

On a monthly basis, retail sales expanded 2.3 percent, in contrast to a 1.7 percent decrease in September.