Singapore's retail sales slumped 52.1% year-on-year in May 2020, after a downwardly revised 40.3% tumble in April, and compared with market consensus of a 27.1 percent fall. It was the 16th straight month of fall in retail trade and the steepest on record, amid the severe damage caused by the coronavirus pandemic. Sales fell further for watches & jewelry (-96.9% vs -88.1% in April), wearing apparel (-89.1% vs -84.9%), motor vehicles (-85.7% vs -77%), optical goods & books (-81.9% vs -65.9%), recreational goods (-74.2% vs -63.8%), others (-70% vs -59.8%), food & alcohol (-58% vs -54.3%), petrol service (-58.2% vs -47.7%), cosmetics, toiletries & medical goods (-49% vs -46%), and furniture & household equipment (-64.2% vs -38.4%). Also, sales plummeted in department srores (-93.4% vs -82.3%). In addition, sales in supermarkets rose less (56.1% vs 75.2%). On a monthly basis, retail sales plunged by 21.5%, after a downwardly revised 31.3% slump in April.
Retail Sales YoY in Singapore averaged 4.44 percent from 1986 until 2020, reaching an all time high of 50.70 percent in February of 1988 and a record low of -52.10 percent in May of 2020. This page provides the latest reported value for - Singapore Retail Sales YoY - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Singapore Retail Sales YoY - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Statistics Singapore
Retail Sales YoY in Singapore is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Retail Sales YoY in Singapore to stand at 3.00 in 12 months time. In the long-term, the Singapore Retail Sales YoY is projected to trend around 3.00 percent in 2021, according to our econometric models.