Singapore's retail sales dropped by 1.8 percent year-on-year in July 2019, after a 8.9 percent decrease in the previous month. It was the sixth consecutive yearly fall in retail trade. Sales dropped less in petrol service stations (-2.9% vs -3% in June); furniture & household equipment (-8.3% vs -15.4%); and mini-marts & convenience stores (-1.5% vs -2.5%). In addition, sales rebounded for motor vehicles (1.5% vs -32.4%); and those of medical goods & toiletries rose further (1.9% vs 1.8%). On the other hand, sales went down for wearing apparel & footwear (-2.2% vs 1.3%); and department stores (-3.6% vs 0.7%). Also, sales fell at a faster pace for recreational goods (-4.9% vs -3.3%); watches & jewellery (-6.2% vs -4.7%); and optical goods & books (-0.7% vs -0.2%); and those of computer & telecommunications equipment continued to decline (-7.7%, the same as in June. On a monthly basis, retail sales rose 2.6 percent in July, rebounding from a 2.2 percent fall in June. Retail Sales YoY in Singapore averaged 4.89 percent from 1986 until 2019, reaching an all time high of 50.90 percent in February of 1988 and a record low of -28.40 percent in February of 1986.
Retail Sales YoY in Singapore is expected to be 0.30 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 1.50 in 12 months time. In the long-term, the Singapore Retail Sales YoY is projected to trend around 3.00 percent in 2020, according to our econometric models.