Singapore’s retail sales growth improved more-than-expected in June largely due to a rebound in motor vehicle sales, figures from the Department of Statistics revealed Friday.
Retail sales rose 2 percent year-on-year in June, following May’s 0.2 percent rise. Economists had forecast an annual growth of 1.2 percent.
Meanwhile, excluding motor vehicles, sales grew only 0.2 percent compared to the 2.3 percent increase in May. Motor vehicles rebounded 9.7 percent.
On a monthly basis, retail sales advanced 1.2 percent after gaining 0.1 percent in May.