Retail sales in Singapore rose by 1.9 percent year-on-year in September 2018, after a 0.4 percent fall in August. It was the first increase in retail trade since June, as sales rebounded for motor vehicles (2.6 pct vs -12.8 pct in August). In addition, sales growth accelerated for medical goods & toiletries (3.3 pct vs 2.6 pct); petrol service (11.4 pct vs 10.4 pct) and watches & jewelry (7.4 pct vs 6.3 pct). Also, sales in food retailers grew 2.5 percent, compared to a 3.9 percent fall in a month earlier. At the same time, sales rose less for wearing apparel (3 pct vs 5.6 pct) and recreational goods (2 pct vs 4.7 pct); while continued to fall for computer & telecommunications equipment (-5.8 pct vs -3.8 pct) and optical goods & books (-3.1 pct vs -2.8 pct). On a monthly basis, retail sales fell 0.4 percent. after a downwardly revised 2.4 percent rise in August. Retail Sales YoY in Singapore averaged 5.08 percent from 1986 until 2018, 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 3.50 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 0.30 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.