Singapore: Prospects for retail sales remain solid – UOB

Barnabas Gan, Economist at UOB Group, reviews the latest Retail Sales figures in Singapore.

Key Takeaways

“Singapore’s retail sales surprised with an 8.7% y/y expansion in Mar 2022, against market expectations for a much slower 0.7% y/y growth. Retail sales excluding motor vehicles surged 13.4% y/y in the same month.”

“The advance in retail sales suggests that Singapore’s domestic retail environment has improved in tandem with a tighter labour market. More importantly, the decline in Feb 2022 was short-lived, and was largely seasonal due to Chinese New Year (CNY).”

“The advance in retail sales suggests that Singapore’s domestic retail environment has improved in tandem with a tighter labour market. More importantly, the decline in Feb 2022 was short-lived, and was largely seasonal due to Chinese New Year (CNY).”