Hanoi (VNA) – Singapore's retail sales surged 79.7 percent year-on-year in May from 54 percent year-on-year increase recorded in April, according to the Department of Statistics (DOS).
The DOS attributed the larger increase to the low base in May 2020 when the COVID-19 restriction Circuit Breaker measures were implemented, and physical stores were closed for most of the month.
According to the department, compared to the previous month, seasonally adjusted retail sales declined by 6.8 percent in May. Most retail industries saw lower sales in the month.
The estimated total value of retail sales in May was about 3.3 billion SGD (about 2.45 billion USD), 13.7 percent of which came from online retail sales.
The DOS also reported that the sales of food and beverage services increased by 46.4 percent year-on-year in May, but a decrease of 14.1 percent over the previous month.
In the first quarter of 2021, Singapore’s economic growth reached 1.3 percent, higher than the prediction of 1.1 percent./.
The DOS attributed the larger increase to the low base in May 2020 when the COVID-19 restriction Circuit Breaker measures were implemented, and physical stores were closed for most of the month.
According to the department, compared to the previous month, seasonally adjusted retail sales declined by 6.8 percent in May. Most retail industries saw lower sales in the month.
The estimated total value of retail sales in May was about 3.3 billion SGD (about 2.45 billion USD), 13.7 percent of which came from online retail sales.
The DOS also reported that the sales of food and beverage services increased by 46.4 percent year-on-year in May, but a decrease of 14.1 percent over the previous month.
In the first quarter of 2021, Singapore’s economic growth reached 1.3 percent, higher than the prediction of 1.1 percent./.
VNA
