Hanoi (VNA) – Singapore'sretail sales surged 79.7 percent year-on-year in May from 54 percent year-on-yearincrease recorded in April, according to the Department of Statistics (DOS).
TheDOS attributed the larger increase to the low base in May 2020 when theCOVID-19 restriction Circuit Breaker measures were implemented, and physicalstores were closed for most of the month.
Accordingto the department, compared to the previous month, seasonally adjusted retailsales declined by 6.8 percent in May. Most retail industries saw lower sales inthe month.
Theestimated total value of retail sales in May was about 3.3 billion SGD (about2.45 billion USD), 13.7 percent of which came from online retail sales.
TheDOS also reported that the sales of food and beverage services increased by46.4 percent year-on-year in May, but a decrease of 14.1 percent over theprevious month.
Inthe first quarter of 2021, Singapore’s economic growth reached 1.3 percent,higher than the prediction of 1.1 percent./.
TheDOS attributed the larger increase to the low base in May 2020 when theCOVID-19 restriction Circuit Breaker measures were implemented, and physicalstores were closed for most of the month.
Accordingto the department, compared to the previous month, seasonally adjusted retailsales declined by 6.8 percent in May. Most retail industries saw lower sales inthe month.
Theestimated total value of retail sales in May was about 3.3 billion SGD (about2.45 billion USD), 13.7 percent of which came from online retail sales.
TheDOS also reported that the sales of food and beverage services increased by46.4 percent year-on-year in May, but a decrease of 14.1 percent over theprevious month.
Inthe first quarter of 2021, Singapore’s economic growth reached 1.3 percent,higher than the prediction of 1.1 percent./.
VNA
