Singapore's retail sales increased more than economists expected in April, after recording a decline in the previous month, latest data showed Friday.
Retail sales, at current prices, increased a seasonally adjusted 5.3 percent month-on-month in April, reversing the previous month's 5.4 percent fall, which was revised up from 5.5 percent, Statistics Singapore said. Economists were looking for a more modest growth of 3.2 percent for April.
Contributing to the overall growth, motor vehicles recorded a double-digit increase in sales of 36.1 percent. Sales of watches and jewelery and telecommunications apparatus and computers grew 6 percent and 5 percent respectively from a month earlier.
Offsetting these gains partially, sales at petrol service stations; wearing apparel and footwear; department stores; provision and sundry shops; optical goods and books; recreational goods; and food and beverages recorded decreases.
Compared to April 2012, trade in the retail sector decreased by 0.5 percent, after falling 7.4 percent in March. The rate of fall was notably slower than 3 percent forecast by economists.
For comments and feedback: editorial@rttnews.com